Reply to post: Re: only honest system would be personal income tax ONLY.

Tax Systems: The good, the bad and the completely toot toot ding-dong loopy

Tom 13

Re: only honest system would be personal income tax ONLY.

Nope. Even that doesn't work. I was too young to remember the guys name, but back in the 1970's the Today Show had on some guy from New York City. He earned like a $1 a year as CEO of his company so he paid no income tax. He lived in a penthouse suite his business rented for him because he was constantly entertaining clients. He had a limo with a driver paid for by the business because he was always going to business meetings. He threw lavish holiday parties paid for by his business because he invited clients to the parties. In fact he lived exactly like all the other millionaires who paid 70% or 90% income tax rates. But he never paid a dime. He was explaining how easy it was and that he didn't understand why more people didn't do it.

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