Dedicated to Deposits: Deals, Data, and Discussion
Featured Savings Rates
Featured Accounts

Millionaires Who Owe No Federal Income Tax

Monday, May 9, 2011 - 7:10 AM article reviews the fairness of the federal income tax. It does acknowledge who pays most of the taxes:
1% of taxpayers end up paying almost as much in federal income tax (and some years even more) as the bottom 95% combined.

But there are many rich people who owed no federal income taxes for 2010:
18,000 were households taking in more than $500,000 -- and of those, 4,000 made more than $1 million.

Some of the reasons for not owing taxes mentioned in the article are those who have most of their investments in municipal bonds or those who have large a stock portfolio and were able to offset large capital gains with past capital losses.
Ken TuminKen Tumin5,472 posts since
Nov 29, 2009
Rep Points: 125,708