Wednesday, August 10, 2011

Great Recession:  Worse Than We Thought

... the average income for American taxpayers fell to $54,283 -- a drop of $3,516, or about 6.1%, between 2008 and 2009. Not only that, but the overall number of taxpayers -- that is, individuals or married couples filing with the IRS -- fell by almost two million.
Tax returns filed in 2009 largely speak to the state of the economy in 2008 -- a time when unemployment ballooned, markets dropped precipitously and the economy languished in recession.

For more, see American Millionaires: 1,400 Paid No U.S. Income Taxes in 2009 by Alexander Eichler, August 5, 2011 at The Huffington Post.

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