Tue Sep 18, 2012, 03:15 PM

4,000 millionaires in Romney's '47%'

Source: CNN Money

NEW YORK (CNNMoney) -- Nobody's really talking about this slice of the pie, but Mitt Romney's "47%" who pay no federal income tax include several thousand of the highest-income households in the country.

The Tax Policy Center estimates that 4,000 households with incomes over $1 million ended up with zero federal income tax liability in 2011. Another 14,000 made between $500,000 and $1 million.

Combined, those households represented just 0.025% of the more than 76 million who did not pay.

But their presence in the No Tax Club underlines the fact that the tax code is chock full of tax breaks and exceptions benefiting people up and down the income scale.

Read more: http://money.cnn.com/2012/09/18/pf/taxes/romney-income-taxes-millionaires/

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23 replies	Author	Time	Post
4,000 millionaires in Romney's '47%' (Original post)	trailmonkee	Sep 2012	OP
Wow CNN reporting on THAT! Rmoney sure opened up a can of worms.	mucifer	Sep 2012	#1
Kick!	burrowowl	Sep 2012	#2
Nope, you didn't listen closely, those 4000 don't expect the Gov't to feed them	HereSince1628	Sep 2012	#3
Given that Romney made most of his fortune by exploiting loopholes in government bankruptcy laws,	TrollBuster9090	Sep 2012	#8
They expect entitlements--massive tax breaks and loopholes. nt	valerief	Sep 2012	#10
Yep, the entitlements to the 1% are huge.	HereSince1628	Sep 2012	#12
No but they do expect roads and protection...	JoethePleb	Sep 2012	#11
Roads...pffffffffhhhhh, they expect ownership of Congress, Scotus and Potus	HereSince1628	Sep 2012	#13
And a war chest to dip into as they please. nt	valerief	Sep 2012	#16
yeah, for themselves and nobody else.	uncle ray	Oct 2012	#23
sure they do. they're all about the government feeding them. that's how they got rich in the	HiPointDem	Oct 2012	#21
They get all of their food for free with the income that isn't taxed.	LiberalFighter	Oct 2012	#22
maybe the Rs would have a better chance selling Rmoney if they duct taped his mouth shut.	Guy Montag	Sep 2012	#4
haha, and Romney wishes he were one of them!	nilram	Sep 2012	#5
Aside from 2010, he probably WAS! Which is why he doesn't want to show any more returns.	TrollBuster9090	Sep 2012	#7
+1000 Millionaires among the 47% who pay no income taxes...and ROMNEY'S ONE OF THEM.	TrollBuster9090	Sep 2012	#6
Now is a good time	evilhime	Sep 2012	#9
I visited my 92-year-old dad in August,	roody	Sep 2012	#14
Those are not millionaires. Those are multimillionaires or billionaires!	SWTORFanatic	Sep 2012	#15
Yeah, those lazy ass rich fkers better get to work and earn their keep!	DCBob	Sep 2012	#17
What about the corporations who pay none? Shouldnt they be counted to since they are people?	cstanleytech	Sep 2012	#18
It's really worse	TexasBushwhacker	Sep 2012	#19
I'd love to see those 4000 people taxed at 80+% on every dollar they "make"	Shitty Mitty	Sep 2012	#20

Response to trailmonkee (Original post)

Tue Sep 18, 2012, 03:18 PM

mucifer (8,505 posts)

4,000 millionaires in Romney's '47%'

1. Wow CNN reporting on THAT! Rmoney sure opened up a can of worms.

2. Kick!

3. Nope, you didn't listen closely, those 4000 don't expect the Gov't to feed them

8. Given that Romney made most of his fortune by exploiting loopholes in government bankruptcy laws,

10. They expect entitlements--massive tax breaks and loopholes. nt

12. Yep, the entitlements to the 1% are huge.

11. No but they do expect roads and protection...

13. Roads...pffffffffhhhhh, they expect ownership of Congress, Scotus and Potus

16. And a war chest to dip into as they please. nt

23. yeah, for themselves and nobody else.

21. sure they do. they're all about the government feeding them. that's how they got rich in the

22. They get all of their food for free with the income that isn't taxed.

4. maybe the Rs would have a better chance selling Rmoney if they duct taped his mouth shut.

5. haha, and Romney wishes he were one of them!

7. Aside from 2010, he probably WAS! Which is why he doesn't want to show any more returns.

6. +1000 Millionaires among the 47% who pay no income taxes...and ROMNEY'S ONE OF THEM.

9. Now is a good time

14. I visited my 92-year-old dad in August,

15. Those are not millionaires. Those are multimillionaires or billionaires!

17. Yeah, those lazy ass rich fkers better get to work and earn their keep!

18. What about the corporations who pay none? Shouldnt they be counted to since they are people?

19. It's really worse

20. I'd love to see those 4000 people taxed at 80+% on every dollar they "make"