4,000 millionaires in Romney's '47%'

[trailmonkee]

Source: CNN Money



NEW YORK (CNNMoney) -- Nobody's really talking about this slice of the pie, but Mitt Romney's "47%" who pay no federal income tax include several thousand of the highest-income households in the country.

The Tax Policy Center estimates that 4,000 households with incomes over $1 million ended up with zero federal income tax liability in 2011. Another 14,000 made between $500,000 and $1 million.

Combined, those households represented just 0.025% of the more than 76 million who did not pay.

But their presence in the No Tax Club underlines the fact that the tax code is chock full of tax breaks and exceptions benefiting people up and down the income scale.


Read more: http://money.cnn.com/2012/09/18/pf/taxes/romney-income-taxes-millionaires/

[mucifer]

1. Wow CNN reporting on THAT! Rmoney sure opened up a can of worms.

[burrowowl]

2. Kick!

[HereSince1628]

3. Nope, you didn't listen closely, those 4000 don't expect the Gov't to feed them

That 4000 expect to run the government, very very different situation, apples and oregano if you know what I mean.

[TrollBuster9090]

8. Given that Romney made most of his fortune by exploiting loopholes in government bankruptcy laws,

Yes, they DO expect government to feed them. Ditto for all the people who make money off of defense contracts, farm subsidies etc.

Rich people have their hands out as much as poor people, and the hand out the rich get is usually a hell of a lot bigger than a block of government surplus cheese. Try a "government surplus STADIUM" to quote the Michigan example.

[valerief]

10. They expect entitlements--massive tax breaks and loopholes. nt

[HereSince1628]

12. Yep, the entitlements to the 1% are huge.

And it's not enough that the economic game is rigged for them...they also want to run the nation.

[JoethePleb]

11. No but they do expect roads and protection...

But nice try. I'm sure some of them even appreciate clean air, water as well as safe food and baby toys without lead.

[HereSince1628]

13. Roads...pffffffffhhhhh, they expect ownership of Congress, Scotus and Potus

[valerief]

16. And a war chest to dip into as they please. nt

[uncle ray]

23. yeah, for themselves and nobody else.

if they expect and appreciate such things, they can help insure that all Americans have them by paying their share. if these poor downtrodden millionaires can't be bothered to part with some of their fortune to help pay for the things you listed, then who should?

you just made the case for regulation and why we need gov't, now how do you expect to pay for it?

[HiPointDem]

21. sure they do. they're all about the government feeding them. that's how they got rich in the

first place & that's how they keep it.

[LiberalFighter]

22. They get all of their food for free with the income that isn't taxed.

[Guy Montag]

4. maybe the Rs would have a better chance selling Rmoney if they duct taped his mouth shut.

I'm just saying....

[nilram]

5. haha, and Romney wishes he were one of them!

[TrollBuster9090]

7. Aside from 2010, he probably WAS! Which is why he doesn't want to show any more returns.

[TrollBuster9090]

6. +1000 Millionaires among the 47% who pay no income taxes...and ROMNEY'S ONE OF THEM.

And what's worse, those millionaires pay LESS PAYROLL TAX than those poor people in the 28.3% slice, given that Payroll Tax is capped at a maximum of $6000. So, if you earn $100 000 you pay $6000, if you earn $100 000 000 you still pay only $6000, which is considerably less than 6%. Payroll taxes, which get SMALLER as a fraction of income as your income increases, are the DEFINITION of a REGRESSIVE TAX.

[evilhime]

9. Now is a good time

for us to start demanding HIS tax returns... I mean we have a right to know if he's in the 47% which we already figure he is. If he did pay I would be willing to bet it wasn't close to what he should have paid and that's without counting his offshore accounts. He may have what he considers personal responsibility but surely no patriotic responsibility.

[roody]

14. I visited my 92-year-old dad in August,

and he batted around that figure, gleaned from his Repuke junk mail. It turns out that he gave 100,000 dollars worth of appreciated stock to his Baptist College, and Dad paid no federal income taxes last year!! I laughed and laughed, and he said, "Now that is not the same thing."

[SWTORFanatic]

15. Those are not millionaires. Those are multimillionaires or billionaires!

These are vastly different than someone who has $1 million (technically a millionaire) in their 401(k) that they expect to live their retirement years on.

[DCBob]

17. Yeah, those lazy ass rich fkers better get to work and earn their keep!

LOL!

[cstanleytech]

18. What about the corporations who pay none? Shouldnt they be counted to since they are people?

Or atleast Scotus claims they are.

[TexasBushwhacker]

19. It's really worse

Robert Reich says that over 100K households with incomes over $200K paid no federal income taxes. That group makes up just under 4% of all households.

[Shitty Mitty]

20. I'd love to see those 4000 people taxed at 80+% on every dollar they "make"

but that'll never happen