tax gift to the rich

[xchrom]

http://www.nationofchange.org/tax-gift-rich-1325515015

Todd Da­gres, a promi­nent ven­ture cap­i­tal­ist and in­de­pen­dent movie pro­ducer, earned $3.5 mil­lion in 2003, and paid not a cent in fed­eral in­come tax.

The IRS chal­lenged the math, and sent Da­gres a bill for $981,980 in back taxes, plus $196,369 in penal­ties.

So Da­gres lawyered up. His at­tor­neys waived one lu­cra­tive tax break to ex­ploit an even bet­ter one, and claimed vic­tory in the case in March.

In the course of the dis­pute, Da­gres of­fered five years of his tax re­turns as ev­i­dence in U.S. Tax Court. His tes­ti­mony, tax forms and other doc­u­ments offer a rare glimpse of how wealthy Amer­i­cans work the an­gles to keep from pay­ing taxes.

[annabanana]

1. You have to SEE the filth to clean it up.

This case could be used as a template for reform legislation.

[indepat]

2. None dare call tax gifts to the rich and large corporations what they really are:

public welfare.

[xchrom]

3. +1

[pansypoo53219]

5. welfare kings

driving MERCEDES.

[Angry Dragon]

4. I see cantor even makes it into the article

did not know his wife used to work for Sacks
and now works as a partner in a Wall Street private equity fund.