The story headlines that will blow your mind - maybe, or it should from ABC OTUS News:
Big Paychecks, Tiny Tax Burdens: How 21,000 Wealthy Americans Avoided Paying Income Tax
First off, we know how the GOP screeches about some 50 million Americans don't pay taxes (Note: they never mention it is Federal income taxes they don't pay, or why not. That would not be good for their political sound byte image). Yet, those same GOPers seldom if ever mention how the top crust beats the tax system, or that the poor and low-income workers and retirees don't actually beat the system - they live with the system. Besides, they are busy working or staying alive to be able to afford slick lawyers and CPA'S to help them avoid either Federal or State income taxes like the rich cited in the story. FYI:
1. 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, the Milwaukee Journal-Sentinel first reported.
2. 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.
3. A recent IRS report showed that 20,752 households that reported earning more than $200,000 in 2009 paid no federal income taxes. About 1,500 of those tax-free Americans were millionaires.
3. A recent IRS report showed that 20,752 households that reported earning more than $200,000 in 2009 paid no federal income taxes. About 1,500 of those tax-free Americans were millionaires.
See the differences. Um ... well, if you're a GOPer, you probably do not. But, know this, the poor and low-income workers pay plenty of taxes, even though they are exempt from Federal taxes for one good reason: they don't earn enough.
Identifying a weasel is easy these days when it comes to taxes, just start within the GOP ranks and especially with those in government who write the rules and then later complain about the rules, and more so, the nearly 50 in Congress who are millionaires themselves.
I donate the use of that famous hypocrisy meter for them to wear proudly. They earn it every single day.
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