@shinobinoz Said 
Last year, 4,000 households with incomes over a million dollars owed no federal income tax whatsoever, according to Tax Policy Center estimates.
What's more, of the top 400 federal tax returns with the highest adjusted gross incomes in 2008, 30 had an effective tax rate of less than 10%, noted Mark Luscombe, the principal federal tax analyst at CCH.
A big reason is that a large percentage of wealthy Americans' income comes from investments, which are often taxed at lower rates than ordinary wages and salaries.
Same link
It would be interesting to see/ know if billionaire investor Warren Buffett or Obama either one took advantage of ever loophole and shelter their wealth allowed . Or if they practise what they are preaching and are setting an example using their own money to show how changes would affect the pocket book of millionaires and billionaires .
Quote:
As for the president's assertion that some billionaires have a tax rate as low as 1%, Roberton Williams, a senior fellow at the Tax Policy Center, said that it's definitely possible but hard to verify.
1% of a billion is 10 million .
Just think what effect it ould have on our economy if Obama would pay as much attention to and apply comparative energy to cutting goverment spending by a measly 5 prcent.
5 percent of one trillion = Fifty billion.
Dec 08, 2011 @ 13:33:04
