Interview With Student Loan Activist Alan Collinge On Bankruptcy Protection
There is a larger, more sinister phenomenon at work here: the student loan industry cherry-picks data like these and pushes them in the media for the sole purpose of keeping bankruptcy gone from student loans, something that has allowed them to rob billions of dollars from millions of people over the years. This is a predatory cash cow for them, and they will grasp at the flimsiest of data in order to make the predatory student loan system look better, and to perpetuate the shocking financial carnage that is being inflicted upon millions and is poised to devastate far more Americans going forward, and to a far greater degree.
Maureen O’Hara’s Ill Fated Cuban Oil Tax Shelter
The top marginal rate in those days was 91%. A big attraction of oil as an investment was the percentage depletion deduction. What is great about percentage depletion is that you can keep deducting even after you have recovered your cost, which is why owning a gold mine is like owning a gold mine , while owning an oil well can be even better. Percentage depletion for oil wells was 27.5% of revenue limited to 50% of net income from the property. And this was before they started with all those silly alternative minimum tax things and passive activity loss rules were not even on the horizon.
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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.