Tax Court Allows Oil And Coal Magnate Over $10M In Golf Course Losses
Also connected operationally is Camp Olympia, an overnight camp for inner-city youth founded by Robertson in 1968. They also offer golf. Personally, I am grateful for not having been exposed to golf, other than the miniature sort, at an early age, counting that as an advantage of a modest upbringing , but that’s probably just me.
Wealth Tax – Constitutional Probably – Good Idea Not So Much
Whatever else a wealth tax accomplished, it would be a significant transfer from the upper-upper class to the upper-middle class. I would think that in some of the larger law and accounting firms, there are already people pitching planning techniques to beat the entirely hypothetical tax.
And if it does pass, the resulting regulations will be of mind-numbing complexity. Just for starters. What do you do about trusts? Do trusts pay the tax themselves with beneficiaries allowed to apportion their unused exemption to the trust? Or is the trust wealth somehow apportioned among the beneficiaries? However it is done, let the games begin.
And then there is valuation. Don’t get me started. And if it is a net wealth tax, what counts as a liability? Think that is easy. Read about partnership taxation.
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Over and over again courts have said that there is nothing sinister in so arranging one’s affairs as to keep taxes as low as possible. Everybody does so, rich or poor; and all do right, for nobody owes any public duty to pay more than the law demands: taxes are enforced exactions, not voluntary contributions. To demand more in the name of morals is mere cant.