Word: taxed
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Dates: during 1930-1939
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...Congress and the public President Roosevelt last week gave the evidence which had caused him to release a blast at wealthy tax-dodgers (TIME, June 7). It was in the form of a 3,000 word letter from Secretary Morgenthau and amounted to a short course in the art of tax-dodging as perfected by high-priced lawyers...
Bill of Particulars. Mr. Morgenthau listed eight kinds of tax-dodging, all of which he classed as "moral fraud": 1) setting up personal holding companies in the Bahamas, Panama, Newfoundland and other places from which tax money cannot be extradited; 2) buying one-payment life insurance (from a Bahama company), borrowing back the "payment" and claiming tax deductions for interest paid on the loan;* 3) establishing personal holding companies in the U. S., which in spite of special taxes still pays those who are rich enough; 4) incorporating yachts, town houses, country estates, racing stables so that their operating losses...
...Very definitely, the issue immediately before us is the single one relating to the evasion or unethical avoidance of existing laws. . . . Already efforts to befog this issue appear. Already certain newspaper publishers are seeking to make it appear- first, that if an individual can devise unanticipated methods to avoid taxes which the Congress intended him to pay, he is doing nothing unpatriotic or unethical; and second, that because certain individuals do not approve of high income-tax brackets, or the undistributed earnings tax, or the capital gains tax, the first duty of the Congress should be the repeal or reduction...
...decency of American morals is involved. The example of successful tax-dodging by a minority of very rich individuals breeds efforts by other people to dodge other laws...
...Would the President call it tax evasion or tax avoidance or unethical for such a person who wants to give his whole income to charity if the benefactor in question writes to all the companies from which he receives salary or dividends and tells them to make out the checks directly to the charities...