Fox Business - The Power to Prosper
Search Site

Tax Policy Center

How the Rich (and Poor) Avoid Paying Income Taxes

Tax reform has become a hot-button issue in Congress and among taxpayers as discussion continues about whether the wealthy pay their fair share. But the issue is much deeper than a brewing controversy between the haves and have-nots. An examination of the complexities of the tax system reveals a variety of ways to reduce or eliminate federal income tax.According to the Tax Policy Center, 43.3% of American households paid no federal income tax in 2013, a percentage that may sound alarming. But income tax is not the entire story. Other taxes, such as those levied on property, cigarettes, gas, liquor, Social Security, and state and local taxes, ensure that virtually no one gets off scot-free.Even so, the significant number of Americans who pay no federal income tax raises the question: How can a taxpayer reduce federal income tax liability down to nothing?"It depends on the type of income as well as the deductions and credits you can apply," says Bob D. Scharin, senior tax analyst for the...

Read More

  1. Getting Married? It Will Cost You

    FBN’s Gerri Willis on the tax penalty facing married couples.

  2. Measuring Your 2013 Tax Pain

    This month marks the 100 th birthday of the federal income tax. Ratification of the 16 th Amendment in February 1913 gave the government legal authority to tax the i...

  3. Chain store sales point to a hit from tax hike

    A slowdown in sales growth at many big U.S. retailers suggests a clutch of tax hikes enacted this month is already leading consumers to hold back on spending, puttin...

  4. As Tax Hikes Loomed, Some CEOs Sold Stock

    As Congress mulled higher tax rates last month, dozens of corporate executives sold big chunks of stock, saving themselves millions of dollars in taxes.A Wall Street...

  5. Earning $1M or More? Expect a $170,341 Tax Hike

    FBN’s Peter Barnes on the average federal tax increase for those who earn $1M or more.

  6. Making $500K to $1M? Expect Your Taxes to Rise $14,812

    FBN’s Peter Barnes on the average rise in federal taxes to expect for those earning between $500K and $1M a year.

  7. $2,711 Tax Hike for Individuals Making $200K to $500K

    FBN's Peter Barnes on the average federal tax increase for people who earn between $200K and $500K.

  8. Taxpayers Making $100K to $200K Will Pay $1,784 More

    FBN's Peter Barnes breaks down tax increases for people earning between $100K and $200K per year.

  9. $822 Less for Taxpayers Earning $50K to $75K

    FBN's Peter Barnes breaks down how the fiscal cliff impacts your bottom line.

  10. Bank of America Shares Up Over 100% This Year

    FBN’s Nicole Petallides breaks down the day in the markets.

  11. Snapshot: What the 'Cliff' Would Bring

    The "fiscal cliff" is only days away and efforts to avert it are making little progress, with some U.S. lawmakers predicting the tax increases and federal spending c...

  12. Fiscal Cliff a Win for Some State Governments

    Falling off the "fiscal cliff" is a bad thing, right?Not necessarily for some state governments that could begin collecting more in estate taxes on wealth left to he...

  1. Don't Overlook These 6 Tax Deductions

    No one likes leaving money on the table -- especially when it comes to dealing with the IRS.According to Jackie Perlman, senior analyst with The Tax Institute at H&R...

  2. 5 Ways to Beat the Payroll Tax Increase

    Does it seem like you're bringing home less money than you used to? Chances are, you are. With the payroll tax increases that went into effect in January, the payche...

  3. Which Costs More: Being Single or Married?

    While nowadays, everyone buzzes about how expensive weddings can be, it turns out the price tag on one's nuptials is a mere pittance compared to the cost of remainin...

  4. How the Rich (and Poor) Avoid Paying Income Taxes

    During the recent presidential election, tax reform was a hot-button issue. Billionaire investor Warren Buffett and Republican presidential candidate Mitt Romney bot...

  5. Rich Paying Highest Tax Rates in Nearly 30 Years

    Forget about paying their fair share. It looks like the nation's wealthiest families are paying that and more.A new analysis from the Tax Policy Center finds the ric...

  6. Is the Tax Bill Rising Too Much for the Wealthy?

    Judge Andrew Napolitano on the economic mistake that the government makes if it raises tax levels too much.

  7. How the Rich (and Poor) Avoid Paying Income Taxes

    During the recent presidential election, tax reform was a hot-button issue. Billionaire investor Warren Buffett and Republican presidential candidate Mitt Romney bot...

‹ Prev12345Next ›
Freebase CC-BY
Source: Tax Policy Center on Freebase, licensed under CC-BY
Other content from Wikipedia, licensed under the GFDL