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Big Money Earners Escape Tax
Washington reports that eighteen Americans earning over $1 million in 1966 paid no taxes legally through loopholes. About the same number may do so this year, with 151 high earners costing the government tens of millions. Techniques include depletion allowances, charitable deductions, tax exempt securities, and foreign tax credits, reducing reported income and taxes due. The article notes the loss to the treasury could be far higher than $48 million and asks when Congress will close these gaps. In a separate item from Sidcup, England, a 16 month old Louise Sage’s grandmother Sage watch was found after X rays showed the missing note and the tiny hour hand remains gone.
MENTIONED IN THIS ARTICLE
Washington
UPI
Internal Revenue Service
IRS
Congress