Word: legalism
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Dates: during 1930-1939
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...monotone told the committee that nowadays there are 45,000 tax lawyers and accountants, specialists in saving their clients taxes, that often it is difficult to tell the difference "between tax avoidance which is proper and tax-evasion which is supposed to be immoral" until after a long legal battle. Rich men have split their personalities by setting up alter egos in the form of corporations and creating losses in some to balance profits in others. "These transactions," said he, "partake of the same unreal character as if a small taxpayer incorporated his household kitchen as a restaurant and deducted...
...then paid the company canceled out his remaining U. S. income, thereby making him virtually income-tax-free. He also formed a Bahama corporation to hold his stock interest in Canadian mines. Said Mr. Irey: "Mr. Bache apparently acted with an honest conviction that he was within his legal rights in utilizing foreign corporations as he did. We therefore cite this case not in criticism of Mr. Bache, but to illustrate...
...salary of $20,000 a year. His earnings were some $190,000 in 1935 and although his British holding company paid a tax to the U. S. he had a considerable tax saving. Said Mr. Irey: "The conduct of Mr. Laughton in this instance may be perfectly legal. The case however is cited as another illustration...
...about 500,000. More than $545,000,000 has been paid to beneficiaries of deceased members, some $25,000,000 to living members. Insurance now in force is $631,802,225. About 90% of this has been switched from the assessment type to the legal reserve basis of the old-line insurance companies...
...more than any other one thing, four years at Harvard are able to give. For although at the end of undergraduate years a student may feel more obliged to the College for helping him to a knowledge of a field of history, say, or a science, or a pre-legal course or a specific bit of training leading on to a job, the greatest service which the College can give him is the ability to think and "a zest for intellectual endeavor...