- Posted September 17, 2012 by
Watertown, New York
This iReport is part of an assignment:
- Drug Company,Novatis, Pays U.S. Government $422.5M in Marketing, Kickback, 'Pay to Play' "Fine"
- America- Having Two Jobs Now Necessary to Break Even
- Snow In April In Northern NY? Seriously?
- No Farms, No Food. Right? No Jobs, No Economy? Not Quite True..
- U.S. Government Finances Yet More of China's Technological and Manufacturing Superiority
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, the Milwaukee Journal-Sentinel first reported.
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, according to records the state Department of Revenue released to the Journal-Sentinel.
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.
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.
So how does someone in the top 3 percent of America’s income earners finagle their income tax burden down to zero? For the majority of them, it’s all about donating to charity, investing in local and state governments, earning money overseas and writing off doctor bills."
From ABC News. Complete story:
Mitt Romney says that 47% of Americans are just 'moochers". Well, Mr. Romney, it looks to me like many of those in your uppity class mooch as well.
Then there's oil subsidies, corporate subsidies, and capital gains taxof only 15% where government treats 'making money with capital' more favorably than 'making money with one's labor'.
Who's the free loader here? Ask any rich guy where he can get a great return on his money. He'll tell you by exploiting the labor spread between the U.S. and Taiwan.
Steve Jobs did it and we called him a genius because many in America value money over human dignity and hard work. It's time for this to change.