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The Daily Beast: Who Are the 47 Percent? - Printable Version

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The Daily Beast: Who Are the 47 Percent? - azmouse - 09-18-2012 09:00 AM

I've pulled out two groups that don't pay taxes that I find the most interesting.

Quote: The Rich
While a majority of those who don’t pay income tax don’t do so because they are either elderly or don’t earn enough, there are “some exceptions to the old-or-poor rule,” says Roose. One big, rich exception: the roughly 3,000 members of the top 0.1 percent of taxpayers—they earned more than $2,178,866 in 2011—who paid no federal income tax because they were hedge-fund managers, real-estate investors, or wealthy financiers whose income is derived from capital gains, which are taxed at very low levels. When that rate is combined with a concept called “tax-loss carryforward,” which Roose says “allows an investor to use last year’s big loss to offset this year’s gains for tax purposes,” these top earners don’t have to pay federal income tax.

Conservative states
Romney argues that the 47 percent he’s referring to in his sound bite will always vote for Obama, but, according to David A. Graham at The Atlantic, a disproportionate amount of those people actually reside in red states—which typically vote for Republican candidates. Of the 10 states with the highest percentage of people who pay no income tax, nine are red states.

Much more at:

RE: The Daily Beast: Who Are the 47 Percent? - jaxx - 09-18-2012 10:46 AM

That nails them. Hey Willard, where are those tax returns??