this yellow, light green, orange library (#43842) has a small number of nonfiction and fiction books.
reads: "Perfectly Legal: The Covert Campaign to Rig Our Tax Systems To Benefit the Super Rich-and Cheat Everybody Else" (David Cay Johnston)
*a look at techniques used by people and corporations not to pay taxes.
-taxes are not paid by the super rich, just the middle class and the poor
-high income individuals can defer their income for decades.same income will be taxed at lower tates.
-the minimum wage has stagnated for decades. CEO's get pay raises every year(extra $$ deferred,
-stock options income can be deferred for years/decades. no taxation came occur till options exercised.
-executives get perks (free charter plane usuage) that shareholders & taxpayers pay for. same planes charged at pennies per mile, not real rate.
-the estate tax (death tax) item Bush campaigned against isn't real . none were found. the estate is be taxed only upon it's transfer. items within never taxed during it's existence.
-tax evaders citing section 861 seldom get pursued by IRS, lack of funds?
-social security taxes subsidize the rich (who pay less, free to invest extra $)
-taxes aren't levied against the rich, lack of IRS funding hinders IRS actions.
-congress doesn't hire enough agents IRS to find tax cheaters, fraudulent tax shelters nor does it fund new computers/agents to analyze new tax regs.
-insurance is a loophole the rich use to pass $ untaxed to children
-corporations & people use tax havens (Bermuda) to avoid paying fair share of taxes
- " uses foreign taxes as tax credit to avoid US taxes.
-only the rich gets an IRS predetermined approved letter to for a new tax shelter recreated to fit within a tax loophole.
-union members must hold stocks for years in sep's, ceo's can sell any time. associates can not sell before stock shares collapse ala Enron. Global Crossing.
-iRS superiors sometimes stop irs inquiries. resulting in no fines or a negotiated fine. this helps tax cheats who have political influence in congress.
-tax shelters can be busted if the IRs have the agents, machinery and $ to do it.
-irs agents can quit anytime & go join the other side. read more