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Current Events & Hot Topics Current Events & Hot Topics

High income taxpayers with 0 tax liability percentages up.

Posted by on May. 30, 2012 at 8:18 AM
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Interesting industry article I received today, thought i'd share.


20,752 High-Income Taxpayers Had No Income Tax Liability

WASHINGTON, D.C. (MAY 29, 2012)

BY MICHAEL COHN, ACCOUNTING TODAY

New statistics from the Internal Revenue Service indicate that 20,752 taxpayers with adjusted gross incomes of $200,000 or more in 2009 had no U.S. income tax liability.

Those 20,752 taxpayers represent only 0.529 percent of the nearly 4 million tax returns for those with AGI of $200,000 or more. The statistics also indicated that 10,080 taxpayers with $200,000 or more in AGI, or 0.257 percent, showed no worldwide income tax liability.

Those numbers represented a change from the previous year.

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“For 2008, as revised to reflect refundable credits, of the 4,375,660 returns with AGI of $200,000 or more, 22,257 returns (0.509 percent) had no U.S. income tax liability, and 12,326 returns (0.282 percent) had no worldwide income tax liability,” wrote Justin Bryan in the spring 2012 edition of the IRS’s quarterly Statistics of Income Bulletin. “For 2009, of the 3,975,288 tax returns with expanded income of $200,000 or more, 35,061 (0.882 percent) had no U.S. income tax liability; and 19,551 (0.492 percent) had no worldwide income tax liability. For 2008, of the 4,416,986 returns with expanded income of $200,000 or more, there were 31,539 (0.714 percent) with no U.S. income tax liability and 17,127 (0.388 percent) with no worldwide income tax liability.”

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