At least that is what these people did:
New IRS statistics show 7,389 federal tax returns with $200,000 or more in adjusted gross income reported no federal income taxes in 2005. That’s a 161% jump from the 2,833 comparable returns filed in 2004. Additionally, 4,224 of the over-$200,000 earners reported no worldwide income tax liability on their 2005 returns, the IRS data show. That represents a 75% increase from the 2,420 comparable returns filed in 2004.
Isn’t that grand! 7,389 people making more than $200K a year did not pay income taxes while the rest of us schlubs covered some of the difference. Gotta love the American tax system and it’s ginormous loopholes!
No related posts.