Word: caplining
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...Frenchman, for whom tax evasion is a way of life, the U.S. taxpayer turns over anywhere from 20% to 91% of his income, as requested, with uncommon honesty. Like everyone else, he likes to play the game with the tax collector, but usually for small stakes. IRS Commissioner Mortimer Caplin estimates that the U.S. taxpayer is 97% pure...
Guest: Mortimer M. Caplin, U.S. Commissioner of Internal Revenue...
Last week Internal Revenue Service Commissioner Mortimer Caplin indicated that he was tiring of the Medici role. Henceforth, he declared, his field agents would insist that all appraisals on donated works of art would have to conform to realistic market value. Warned Caplin: "The service is not required to accept appraisals merely because they were prepared by 'expert appraisers...
Appearing as a subcommittee witness, U.S. Internal Revenue Commissioner Mortimer Caplin estimated that $25 billion in income goes unreported every year-and a healthy slice of the money is earned from gambling. Subcommittee Chairman John McClellan concluded that if all gambling income were reported, the U.S. Treasury would be at least $5 billion richer (enough to balance the budget). Professional Card and Dice Expert John Scarne raised those calls far higher; he guessed that illegal off-track betting alone totals $50 billion a year (in 1960 the legal handle at U.S. tracks was only $3.3 billion), and in addition payoffs...
...years, Assistant Treasury Secretary Stanley S. Surrey has damned the "provisions favoring special groups or special individuals that run counter to our notions of tax fairness." Commissioner of Internal Revenue Mortimer Caplin has long yearned to cut taxes from 91% to 65% in the highest brackets, and from 20% to 10% in the lowest brackets, chinking loopholes to stanch the loss. Walter Heller, the President's chief economic adviser, would cut the maximum rate to 60%, reduce the lowest rates from 20% to 14%. All three oppose what Heller calls "upsidedown subsidies," such as oil and mining depletion allowances...