Cayman Islands equal tax shelters

Alexander Eichler writes:

American Millionaires: 1,400 Paid No U.S. Income Taxes In 2009

New tax data from the Internal Revenue service shows that in 2009, incomes fell, unemployment claims rose, and the U.S. economy shed nearly two million taxpayers.

And of the 235,413 taxpayers who earned $1 million or more in 2009, 1,470 of them paid no taxes. [emphasis mine]

According to the data, the average income for American taxpayers fell to $54,283 — a drop of $3,516, or about 6.1 percent, between 2008 and 2009. Not only that, but the overall number of taxpayers — that is, individuals or married couples filing with the IRS — fell by almost two million.

“What you’re seeing is the devastation of the massive loss of jobs and the effects of the real recession on real Americans,” said Ed Kleinbard, a law professor at the University of Southern California.

KarenM

KarenM

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