Tag Archives: Income Tax

U.S. Incomes Fall Sharply and Millionaires Don’t Pay Taxes

Welcome to the wonderful world of the Rich….

Where more and more Millionaires don’t pay any taxes while the average U.S. income plunges…

You can thank the GOP for this and, again, thank the Dems for letting them get away with it.

It’s becoming increasingly clear, neither Party is looking out for the Middle Class or the average American.  In Washington today, it’s all about how to help the Rich get more and keep more.

As my friend Phillip reminded me, it’s looking more and more like 1937 again.

President Obama could have been FDR, but I’m afraid he’s on the verge of becoming Herbert Hoover.

From Reuters (emphasis mine):

U.S. incomes plummeted again in 2009, with total income down 15.2 percent in real terms since 2007, new tax data showed on Wednesday.

The data showed an alarming drop in the number of taxpayers reporting any earnings from a job — down by nearly 4.2 million from 2007 — meaning every 33rd household that had work in 2007 had no work in 2009.

Average income in 2009 fell to $54,283, down $3,516, or 6.1 percent in real terms compared with 2008, the first Internal Revenue Service analysis of 2009 tax returns showed. Compared with 2007, average income was down $8,588 or 13.7 percent.

Average income in 2009 was at its lowest level since 1997 when it was $54,265 in 2009 dollars, just $18 less than in 2009. The data come from annual Statistics of Income tables that were updated Wednesday.

The average tax rate was 11.4 percent, up from 10.5 percent in 2007, the Internal Revenue Service data showed.

No income tax was paid by 1,470 of the 235,413 taxpayers earning $1 million or more in 2009, compared with the 959 taxpayers with million-dollar-plus incomes who paid no income taxes in 2007.

via U.S. incomes fell sharply in 2009 | Reuters.

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