6-1-2012
http://news.yahoo.com/big-paychecks...000-wealthy-100029578--abc-news-politics.html
How 21,000 Wealthy Americans Avoided Paying Income Tax
The richest woman in Wisconsin, Diane Hendricks, is worth an estimated $2.8 billion, but she did not pay a dime in state income tax in 2010
Because of a change in how her company, ABC Supply Inc., the country's largest distributor of roofing, windows and siding, is structured, Hendricks reduced her personal state income tax burden from $2.3 million in 2009 to zero in 2010
While a tweak in ABC's corporate structure allowed its CEO to get out of state income taxes, a complex web of deductions and exemptions in the federal tax code have allowed more than 20,000 wealthy tax filers get off the hook on paying federal income taxes.
In 1969, Congress was so up in arms about a mere 155 individuals who earned more than $200,000 and paid no income tax that it passed the Alternative Minimum Tax, which aims to prevent wealthy people from claiming too many tax exemptions and deductions.
More than 40 years after the AMT went into effect, the number of wealthy, income-tax-free individuals has ballooned to 133 times as many as the 155 that inspired the new tax.
In the 2012 battle for the White House, President Obama has made taxing these wealthy Americans a cornerstone of his re-election campaign.
Under Obama's tax plan, the Bush tax cuts would expire, raising taxes for married couples earning more than $212,300 by 3 percentage points.
Obama also plans to enact the "Buffett Rule," which creates a minimum tax rate of 30 percent for millionaires.
Mitt Romney takes a virtually opposite approach to tax reform for the wealthy.
His plan not only extends the Bush tax cuts, but further reduces tax rates at all income levels by 20 percent, which puts the tax rate for those making more than $200,000 at about 28 percent. Romney ardently opposes instituting a minimum tax for millionaires, such as the Buffett Rule.
Under Obama's plan, the top 1 percent of income earners would see their taxes go up about 5 percent. Under Romney's plan, they would go down by nearly 8 percent, according to an analysis by the Tax Policy Center.
And as for the 21,000 wealthy Americans who currently pay no income tax, Williams said, "Under Obama's plan, these people would almost certainly pay more. Under Romney's, they will almost certainly pay less."
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Fortunately many of these America haters are leaving the country.
6-1-12
http://finance.yahoo.com/news/number-u-millionaires-declines-2-174100310.html?l=1
Number of U.S. millionaires declines 2.5%
No wonder Facebook's "co-founder Eduardo Saverin moved to Singapore.
He just wanted to be with people like himself.
According to Boston Consulting Group's annual study of global wealth trends, Singapore is home to the greatest concentration of millionaire households in the world. More than 17% of households there have private wealth of $1 million or more.
The number of U.S. millionaire households fell 129,000, or 2.5%, in 2011 to 5,134,000.
http://news.yahoo.com/big-paychecks...000-wealthy-100029578--abc-news-politics.html
How 21,000 Wealthy Americans Avoided Paying Income Tax
The richest woman in Wisconsin, Diane Hendricks, is worth an estimated $2.8 billion, but she did not pay a dime in state income tax in 2010
Because of a change in how her company, ABC Supply Inc., the country's largest distributor of roofing, windows and siding, is structured, Hendricks reduced her personal state income tax burden from $2.3 million in 2009 to zero in 2010
While a tweak in ABC's corporate structure allowed its CEO to get out of state income taxes, a complex web of deductions and exemptions in the federal tax code have allowed more than 20,000 wealthy tax filers get off the hook on paying federal income taxes.
In 1969, Congress was so up in arms about a mere 155 individuals who earned more than $200,000 and paid no income tax that it passed the Alternative Minimum Tax, which aims to prevent wealthy people from claiming too many tax exemptions and deductions.
More than 40 years after the AMT went into effect, the number of wealthy, income-tax-free individuals has ballooned to 133 times as many as the 155 that inspired the new tax.
In the 2012 battle for the White House, President Obama has made taxing these wealthy Americans a cornerstone of his re-election campaign.
Under Obama's tax plan, the Bush tax cuts would expire, raising taxes for married couples earning more than $212,300 by 3 percentage points.
Obama also plans to enact the "Buffett Rule," which creates a minimum tax rate of 30 percent for millionaires.
Mitt Romney takes a virtually opposite approach to tax reform for the wealthy.
His plan not only extends the Bush tax cuts, but further reduces tax rates at all income levels by 20 percent, which puts the tax rate for those making more than $200,000 at about 28 percent. Romney ardently opposes instituting a minimum tax for millionaires, such as the Buffett Rule.
Under Obama's plan, the top 1 percent of income earners would see their taxes go up about 5 percent. Under Romney's plan, they would go down by nearly 8 percent, according to an analysis by the Tax Policy Center.
And as for the 21,000 wealthy Americans who currently pay no income tax, Williams said, "Under Obama's plan, these people would almost certainly pay more. Under Romney's, they will almost certainly pay less."
====================================================================
Fortunately many of these America haters are leaving the country.
6-1-12
http://finance.yahoo.com/news/number-u-millionaires-declines-2-174100310.html?l=1
Number of U.S. millionaires declines 2.5%
No wonder Facebook's "co-founder Eduardo Saverin moved to Singapore.
He just wanted to be with people like himself.
According to Boston Consulting Group's annual study of global wealth trends, Singapore is home to the greatest concentration of millionaire households in the world. More than 17% of households there have private wealth of $1 million or more.
The number of U.S. millionaire households fell 129,000, or 2.5%, in 2011 to 5,134,000.
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