Billionaires Use Tax Loophole To Lower Their Tax Rates To 1 Percent


In 2009, 1,470 households reported income of more than $1 million but paid no federal income tax on it, through their use of various tax loopholes and shelters. Tax rates for millionaires have fallen by 25 percent since the mid-’90s, while one quarter of millionaires currently pay lower tax rates than the average middle-class household.

The tax code is full of provisions that help the very wealthy, like the pernicious carried interest loophole or the preferential treatment of investment income. And the end result is a tax code that advantages the 1 percent over the 99 percent.

http://thinkprogress.org/economy/2011/11/18/372346/billionaires-loopholes-one-percent-tax/

This sucks!

Fishy


Edited by Somethingsmellsf (11/18/11 10:10 PM)
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NRA Life member

The idea of a middle class life is slowly drifting away as each and every day we realize that our nation is becoming more of a corporatacracy.

I think name-calling is the right way to handle this one/Dan S

We're here from the WDFW and we're here to help--Uhh Ohh!