Word: riches
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Dates: during 1930-1939
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With this neat bit of logic, Secretary of the Treasury Henry Morgenthau Jr. last week opened the great 1937 hunt for rich tax dodgers launched so suddenly by him and Franklin Roosevelt early this month (TIME, June 14). The hunt meet was not in the customary inquisition chamber, the Senate's barnlike caucus room, but in the House Ways & Means Committeeroom, which has much better acoustics, handsome indirect lighting, and comfortable chairs of green-blue leather. On the long bench were little placards identifying the committeemen for the audience. In the centre sat old Representative Bob Doughton of Laurel...
...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...
...questions of their own. Republican Representative Hamilton Fish went so far as to ask questions about two of his constituents. Did Squire Franklin Delano Roosevelt of Hyde Park,* did Squire Henry Morgenthau of Fishkill, report their gentlemen-farming costs as business expenses in the "unethical" fashion in which other rich men treated racing stables, chicken farms, and yachts? Mrs. Roosevelt took notice of the question raised by Columnist David Lawrence- whether having checks for her radio performances turned over directly to charity was a form of tax avoidance (TIME, June 14). Without directly answering his question, she said: "On every...
...when automobiling was a sport requiring goggles and a linen duster, William Kissam Vanderbilt II and some rich cronies who wanted to motor to their Long Island homes at 40 m.p.h. without scaring horses and infuriating the public, joined in buying a 50-mi. strip of land down Long Island from Flushing to Lake Ronkonkoma. On it they built a narrow, wriggling ribbon of concrete and macadam with bridges over every crossroad. Total cost: $3,500,000. The Long Island Motor Parkway was thus the first modern type highway. In 1908, 1909 & 1910 Mr. Vanderbilt & friends used five miles...
There's something so damned low about the rich...