Word: taxed
(lookup in dictionary)
(lookup stats)
Dates: during 1980-1989
Sort By: most recent first
(reverse)
BOSTON--Massachusetts revenue officials, ever on the watch for a new tax source, are planning to expand their efforts at tapping the ill-gotten gains of drug dealers by levying the state sales tax on their illegal transactions...
...There is obviously a lot of money in drug dealing and our charge is to tax income, however that income is earned," Revenue Commissioner Stephen Kidder said yesterday. "And that is what we intend...
Massachusetts' multi-state effort to snare delinquent taxes owed the Commonwealth netted a record $526 million in fiscal 1989. Of that, about $600,000 was collected from $2.1 million in income tax assessments on criminal profits...
...Commonwealth plans to levy the state's 5 percent sales tax, plus 18 percent annual interest charges and other penalties on these drug sales as detailed in the dealers' own records seized by law enforcement officials...
...revenue officials plan to attack the drug dealers matter-of-factly. If a dealer's records show he sold $100,000 worth of drugs, "he should have been charging a 5 percent sales tax. He should have gotten $105,000 from the [sales] and then turned that $5000 over to the state," Houghteling said...