Lawsuit Against Caterpillar For Inadequate Tax Disclosure Dismissed
When you think about it, it is a little odd. You really can’t have a note in your financial statements that you are unlawfully using foreign subsidiaries to avoid paying billions in taxes, without accruing the taxes. At least that is my understanding of Fin 48. Of course, I never learned the secret handshake or got the decoder ring, so I can’t be sure.
Estate Of Monster.com Founder Tax Court Victory Reversed By Second Circuit
The lengths that a billionaire might go to avoid gain recognition is an indication of what I see as one of the great drivers of wealth inequality-unrealized appreciation. Most of us have to realize in some taxable form most accretions of wealth in order to spend it to live. Statistics about what people in different income classes pay as a share of the total income taxes collected do not capture that reality.
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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.