-Caveat Lector-
4/15/01
Forwrded by Nurev
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This Week at TomPaine.com
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http://www.TomPaine.com
THE CHEATING OF AMERICA
How Tax Avoidance and Evasion by the Super Rich Are Costing
the Country Billions
THE CHEATING OF AMERICA, Charles Lewis and Bill Allison's
new book, reports that thousands of wealthy individuals and
corporations avoid paying their fair share of taxes each
year. The IRS estimates the cost of tax avoidance and
evasion is $195 billion a year, or more than $1,600 per
taxpayer. That's nearly $2 trillion a decade. In other
words, some Americans, by cheating on their taxes, are
giving themselves a bigger tax cut than even the Bush
administration is proposing for the rest of us. Audits and
criminal prosecutions of tax evaders are decreasing.
How serious are our public officials about upholding the
current tax laws for all Americans?
SEE THIS WEEK'S NEW YORK TIMES 'OP AD'...
http://www.TomPaine.com/opad
...AND READ OUR 'OP AD' FEATURES...
EQUAL UNDER THE LAW?
by Charles Lewis, director of the Center for Public
Integrity (http://www.publicintegrity.org/)
In making his case for tax cuts, President Bush said, "No
one should pay more than a third of the money they earn in
federal income taxes." Actually, this is not a problem for
99 percent of the American people. In fact, in 1996 less
than two-tenths of 1 percent of filers with incomes over
$200,000 paid more than 30 percent of their adjusted gross
incomes in taxes. More than 1,000 taxpayers in that group,
including 101 millionaires, paid absolutely nothing in
income taxes. In other words, the millionaire next door
might be a tax cheat.
http://www.tompaine.com/features/2001/04/10/2.html
THE BILLIONAIRE WHO BOUGHT A BANK -- AND PAID NO TAXES
An adaptation from the book by Charles Lewis and Bill
Allison
In 1991, multimillionaire George Kaiser made the deal
that boosted his net worth to more than $1 billion, securing
his position among the Forbes 400 richest Americans. That
year he claimed losses of $2 million and paid no federal
income taxes. An IRS audit found that Mr. Kaiser had used
the tax code to legally eliminate his tax liability.
http://www.tompaine.com/features/2001/04/09/index.html
CHRYSLER OPTED OUT OF TAXES
An excerpt from the book by Charles Lewis and Bill Allison
"The U.S. tax system puts global companies at a decisive
disadvantage," John Loffredo, the vice president and chief
tax counsel for Chrysler, told Congress in 1999. For the
record, Chrysler's effective federal tax rate through the
1990s was a mere 18 percent. But now Chrysler is a German
corporation, and all the company's future foreign profits --
earned by selling Jeeps and Chrysler minivans overseas --
will escape U.S. taxation.
http://www.tompaine.com/features/2001/04/09/1.html
PERFECTLY LEGAL
by Bill Allison, senior editor at the Center for Public
Integrity
It's easy to forget that Bill Clinton, the man who
pardoned tax fugitive Marc Rich, was once incensed over
millionaires who renounced their citizenship in order to
avoid paying U.S. taxes. In 1995, Clinton proposed
legislation that would have imposed a 55 percent tax on the
assets of any millionaire who renounced his U.S.
citizenship. The subsequent law has never been invoked.
http://www.tompaine.com/features/2001/04/10/1.html
TAX BREAKS FOR THE RICH: A Question of Morality
by Robert Apfel
In a democratic society in which the discrepancies
between rich, middle class, and poor have grown so
dramatically, is it immoral for a government to take steps
that will serve to enhance these differences?
http://www.tompaine.com/features/2001/04/09/2.html
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