David Cay Johnston on how the well-to-do can pay no taxes
In this video Reuters tax columnist David Cay Johnston interprets some of what we know — and don’t know – about the wealthiest Americans and their taxes.
Tax fairness has been a hot topic this year.
An IRS analysis shows that of the 3,975,288 tax returns reporting income of $200,000 or more for 2009, 35,061 had no U.S. income tax liability at all.
Another IRS report looks at the 400 very highest incomes and finds that a handful of this group also hit the tax-free list.