Estate Tax Cheats Called Out of Control
In an earlier blog, I discussed David Cay Johnston’s article that dealt with the I.R.S. cutting 157 estate tax lawyers. Now, Johnston is focusing on the wealthy individuals using offshore accounts to avoid paying taxes. See Tax Cheats Called Out of Control, NYTimes.com, August 1, 2006.
Here is a brief except:
So many superrich Americans evade taxes using offshore accounts that law enforcement cannot control the growing misconduct, according to a Senate report that provides the most detailed look ever at high-level tax schemes.
Among the billionaires cited in the report are the owner of the New York Jets football team, Robert Wood Johnson IV [and head of the Johnston & Johnston fortune]; the producer of the “Mighty Morphin Power Rangers” children’s show, Haim Saban; and two Texas businessmen, Charles and Sam Wyly, who the Center for Public Integrity found in 2000 were the ninth-largest contributors to President Bush.
See also this earlier post on the same Senate report.
Special thanks to Prof. Joel C. Dobris of the University of California — Davis for pointing out this article.
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