Word: taxed
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Dates: during 1930-1939
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...Actually, any one who gives the matter unbiased consideration will realize that it is for the benefit of the rich to plug loopholes in tax laws, since this raises more revenues without raising rates...
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...
There was no mistaking the curiosity of the inquisitors, just as eager to hear the names of the wealthy tax dodgers whom President Roosevelt castigated in his message to Congress as were the newshawks scribbling at tables below and the audience perched on chair edges...
...proceedings did not fail to recognize the formal purpose of the investigation: to find means of plugging holes in the income tax law, not just to ferret out individual tax dodgers. Chairman Doughton read a short statement saying that none but "those who used flagrant means of tax avoidance'' need be uneasy about the coming inquisition. Secretary Morgenthau in a 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...
When Under Secretary Roswell Magill, who followed his boss, did little more than rehearse the different kinds of tax dodges already outlined by the President, even Senator Harrison became impatient. What were some of the names of those people who bought single payment life insurance policies in the Bahamas, then borrowed back their payment and claimed deductions for the interest they paid on it? Mr. Magill said that the Treasury thought it best to have its experts testify on the different types of tax avoidance, one by one, giving names and examples as they went...