This was on the front page of Yahoo news tody so it must be a slow news day and I missed this back in October probably because caught up in the push for McCain to either tie at 269 or win by like 2. 
Anyway this holds so true and dear to probably 98% or better of the posters in here that provlaim how rich they are, not affected by the down economy, jobs are secure and pepeputually say they pay the most in taxes while at the same time bragging how muc they don't pay in taxes.
Bottom line is the rich can pay people to hide the fact they cheat.
I hope Obama nails every one of them espcecially the braggers in here.
10-23-2008 How the Rich Cheat On Their Taxes
A new study based on unpublished Internal Revenue Service data shows the rich are different when it comes to paying taxes:
They hide more of their income.
The previously unreported study estimates that taxpayers whose true income was between $500,000 and $1 million a year understated their adjusted gross incomes by 21% overall in 2001, compared to an 8% underreporting rate for those earning $50,000 to $100,000 and even lower rates for those earning less. (The "net misreporting rate" as the IRS calls it, includes both underreported income and inflated deductions.)
n all, because of their higher noncompliance rates, those with true incomes of $200,000 or more received 25% of all income, but accounted for 40% of net underreported income and 42% of underreported tax in 2001, the new analysis finds.
The study was written by Joel Slemrod, an economics professor and director of the Office of Tax Policy Research at the University of Michigan's business school and IRS economist Andrew Johns. It has not been officially endorsed or even released by the IRS and seems sure to add fuel to the election season debate over whether those earning $250,000 or more should pay higher tax rates, as Sen. Barack Obama, the Democratic presidential nominee, has proposed.
Anyway this holds so true and dear to probably 98% or better of the posters in here that provlaim how rich they are, not affected by the down economy, jobs are secure and pepeputually say they pay the most in taxes while at the same time bragging how muc they don't pay in taxes.
Bottom line is the rich can pay people to hide the fact they cheat.
I hope Obama nails every one of them espcecially the braggers in here.
10-23-2008 How the Rich Cheat On Their Taxes
A new study based on unpublished Internal Revenue Service data shows the rich are different when it comes to paying taxes:
They hide more of their income.
The previously unreported study estimates that taxpayers whose true income was between $500,000 and $1 million a year understated their adjusted gross incomes by 21% overall in 2001, compared to an 8% underreporting rate for those earning $50,000 to $100,000 and even lower rates for those earning less. (The "net misreporting rate" as the IRS calls it, includes both underreported income and inflated deductions.)
n all, because of their higher noncompliance rates, those with true incomes of $200,000 or more received 25% of all income, but accounted for 40% of net underreported income and 42% of underreported tax in 2001, the new analysis finds.
The study was written by Joel Slemrod, an economics professor and director of the Office of Tax Policy Research at the University of Michigan's business school and IRS economist Andrew Johns. It has not been officially endorsed or even released by the IRS and seems sure to add fuel to the election season debate over whether those earning $250,000 or more should pay higher tax rates, as Sen. Barack Obama, the Democratic presidential nominee, has proposed.
Facebook
Twitter