Over 18,000 High-Income Taxpayers Owed No U.S. Income Tax Liability
Essex & Associates::www.essexinc.biz June 28, 2011
New statistics released by the Internal Revenue Service showed that the number and percentage of taxpayers earning over $200,000 a year who owed no U.S. income taxes nearly doubled from 2007 to 2008. This 18,000 includes some of our firm's clients.
The statistics, released Tuesday, June 14, 2011 in the IRS's Statistics of Income Bulletin, showed that in 2008, there were 4,375,660 individual income tax returns reporting an adjusted gross income of $200,000 or more.
The percent of high-income people who owed no U.S. income tax liability was the biggest percentage of non-payers going back to 1977.
These citizens did not cheat but just took advantage of the changes in the federal tax code that Congress passed. Remember, there are 1,000's of changes in the tax code every year.
Make sure you are taking full advantage of every legal tax deduction, loophole and strategy and just maybe you will be one of 18,000 high-income people who pay no federal tax.
Wishing you many happy returns,
Wayne T. Essex Ph.D.
Essex & Associates
Tax, Accounting, HR, Payroll
7501 Paragon Road
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