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Thursday, May 29, 2008

High income earners not paying federal taxes on the increase

The latest IRS numbers are in and as per a Forbes.com article, the number of Americans earning $200,000 or more who paid no federal income tax more than doubled in 2005.

In 2005, 7,389 high adjusted-gross-income (AGI) return filers paid no U.S. income tax, up from just 2,833in 2004.
..
The number of $200,000-plus households that escaped both U.S. and foreign tax also grew, though not as dramatically, to 4,224 in 2005 from 2,420 in 2004.

From the above numbers, its clear that these high income earners are smart both about earning high incomes as well as using tax strategies to shield that income from income taxes.

For complete article, see:

Forbes: Twice As Many Rich Escape U.S. Tax

posted by Ruby @ 10:47 AM

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