OK, so not every person is having a happy April 15. It just seems like it to those of us who tend to owe, even when we plan it that way.
But data included in the latest IRS Statistics of Income (SOI) report show that higher-income folks (the agency's statutory definition is that $200,000 adjusted gross income threshold) are good at taking advantage of the tax code, too.
I look at some of the IRS numbers and what they mean in the greater tax scheme -- Hint: it's not going to be as easy to eliminate tax expenditures as some folks think/hope -- in the High earners escaping tax post today at my other tax blog.
I did, however, want to also share here the graphic below from the Spring SOI publication detailing which tax breaks were the most popular in 2008 for with folks who made a more-than-decent amount of money that year but didn't owe anything.
Primary Reasons for No Income Tax Liabilities
on 2008 returns reporting $200,000 or more AGI
- 51 percent of American households paid no income taxes in 2009
- Tax cuts favor ...
- Taxes, wealth and relativity
- Rich get most of the tax benefits
- GE and 14 other tax dodging companies
- Debt panel suggests major tax changes
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