Rich Households Paid No Income Tax, Confidence Plunges, Paying For Pat-Downs And More

Tuesday, May 29, 2012

More Than 10,000 Rich Households Didn't Pay Income Tax In 2009

Out of the 3.9 million households that reported an adjusted gross income of $200,000 or more in 2009, more than 10,000 households paid nothing in taxes, according to a new study from the Internal Revenue Service.

How'd they do it? According to the study, nearly one-third of the high-income returns used miscellaneous deductions such as non-reimbursed employee expenses. Other big reasons for deductions included charitable contributions, medical expenses, and losses related to an incorporated small business.

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