How You Can Have a Billion-Dollar Income in America and Pay No Taxes
Tax journalist David Cay Johnston explains what's so rotten about our taxation system and the distribution of wealth in this country.
"..TM: In the Wall Street Journal March 22nd: "IRS Targets Rich Taxpayers. The rich not only face calls for higher taxes, they also face more audits to make sure they pay." And the article ends with this question: "Do you think the new tax force is welcome tax justice or capricious wealth redistribution?"
DCJ: In the late 1980s if you were a high income tax payer, your odds of being audited were about one in 11. They have been as low in recent years as one in 400. They're currently a little over one in 100, probably about one in 75. If you're in the $10 million-up crowd your odds are much higher, they're more like one in six. But the audit rates are still very low.
From interviews with dozens of IRS agents all over the country who weren't supposed to talk to me, it's clear many of these audits are superficial. They're told not to pursue things...."
Just read it.
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