So The Rich Decide NOT To Pay Taxes, Well Isn’t That Convenient?

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Sweet Brown said: “Ain’t nobody got time for that!” Seem like these were the exact sentiments of rich folks over the last 3 years. Out of the 3.9 million households that reported an adjusted gross income of $200,000 or more in 2009, more than 10,000 households paid nothing in taxes, according to a new study from the Internal Revenue Service.

How’d they do it? According to the study, nearly one-third of the high-income returns used miscellaneous deductions such as non-reimbursed employee expenses. Other big reasons for deductions included charitable contributions, medical expenses, and losses related to an incorporated small business.

“High-income returns are more often nontaxable as a result of a combination of reasons, none of which, by itself, would result in nontaxability,” said the study. READ MORE.

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