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Dreadsox 06-26-2003 09:11 PM

IRS: Over 2000 Big Earners Paid No Tax in 2000
 
IRS: Over 2000 Big Earners Paid No Tax in 2000
Thu June 26, 2003 03:02 PM ET
By Jonathan Nicholson
WASHINGTON (Reuters) - More than 2,000 individuals with incomes of $200,000 or more paid zero in federal income taxes in the year 2000, according to a report released by the Internal Revenue Service on Thursday.




https://www.reuters.com/newsArticle.j...toryID=2996937

I NEED A NEW ACCOUNTANT

BVS 06-26-2003 09:48 PM

"It feeds the rich while it buries the poor."

sulawesigirl4 06-26-2003 09:54 PM

not only that, but it appears that once again the rich are getting richer while the rest of us....stay pretty much where we are. :huh:

Quote:

Very Richest's Share of Income Grew Even Bigger, Data Show

The 400 wealthiest taxpayers accounted for more than 1 percent of all the income in the United States in the year 2000, more than double their share just eight years earlier, according to new data from the Internal Revenue Service. But their tax burden plummeted over the period.

rest of article here in the New York Times
Well, it's nice to see at least someone is benefiting from those much-vaunted tax cuts by GW. Too bad the economy still is tanking. :tsk:

Dreadsox 06-26-2003 11:36 PM

Quote:

Originally posted by sulawesigirl4

Well, it's nice to see at least someone is benefiting from those much-vaunted tax cuts by GW. Too bad the economy still is tanking. :tsk:

LOL... What tax cuts are you talking about. They did not pass last I knew.

One thing from the article you posted:

[Q]Their taxes grew at a much slower rate, from 1 percent of all taxes in 1992 to 1.6 percent in 2000, when their tax bills averaged $38.6 million each. [/Q]

The top 400 paid an average of 38.6 million each. How much more do you think they should give? Just curious!

I am more upset over 2,000 people paying nothing!

melon 06-27-2003 05:31 AM

I would like to know what the incomes of these top 400 are before I start making a judgment. $38.6 million may be pocket change for them, whereas the burden is far more problematic for lower and middle income people.

Melon

Dreadsox 06-27-2003 07:21 AM

Melon you are not troubled by the 2,000 people with incomes of over 200,000 that pay nothing?

ouizy 06-27-2003 11:36 AM

2,000 out of the US population is not a whole hell of a lot.

We are not even talking about millionaires here per say just people over 200,000.

Dreadsox 06-27-2003 11:38 AM

Quote:

Originally posted by ouizy
2,000 out of the US population is not a whole hell of a lot.

We are not even talking about millionaires here per say just people over 200,000.

I understand....but not paying anything??????

I think this is worse than 400 paying average of 38.6 Million.

It does not seem right?

sharky 06-27-2003 12:22 PM

Not paying anything -- not sure about that.

As for the tax burden, NY Times data is telling the whole story. The burden has been taken off the top 400 because the middle class is increasing. And more people are making $200,000 a year -- enough to be considered "rich" by government standards. It doesn't mean the government is getting less money, it just means that there are more average americans being able to pay the extra.

I get so sick of hearing about Gore etc. talking about how rich people would get more money back under tax cuts. percentage-wise, its not much of a difference. But if you put more in, you get more out when cuts come around.

nbcrusader 06-27-2003 12:55 PM

A couple of points.

1. The headline "Pay No Taxes" is completely misleading. These 2000 managed to generate sufficient deductions (like payment of state taxes) to eliminate federal income taxes. The article also does not address other Federal taxes, for which there are no deductions. These folks didn't simply take home their entire paycheck.

2. The idea that
Quote:

the rich are getting richer
is a self-fulfilling prophecy. It will always take more money to be in the top 400.


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