Jobs Overseas.. Why not taxes as well (ABC news)

Under the American Jobs Creation Act of 2004, Washington also allowed
taxpayers to eliminate up to 100% of their alternative minimum tax
liability by using credits for any foreign taxes paid. Before tax year
2005, those credits could only eliminate 90% of federal income taxes.

High-income earners — guided by accountants and tax advisers — reacted
swiftly to the change, which remains in effect. In 2004, IRS data show
they reported $16.6 million in foreign tax credits. The following year,
the total credits claimed soared to $447.3 million.

Me, this is an article about people earning over $200,000 not paying ANY tax.

 Key words here:  American  Jobs Creation Act  of 2004  (jobs?)…. Allowed  taxpayers to eliminate 100% minimum tax liability…. For taxes paid in any foreign country… In one year the figure (economic drain) went from $16.6 million to $447.3 million.

They probably all had their flag lapel pins on when they voted this one in.. The war on America from within.

Story Here

Blogged with the Flock Browser

Tags: , , ,

Advertisements

Leave a comment

Filed under Uncategorized

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s