Jets Owner and Others Scamming the government...

Point of Order · Aug 1, 2006

http://www.nytimes.com/2006/08/01/b...057a4ce9864574&ei=5088&partner=rssnyt&emc=rss

So many superrich Americans evade taxes using offshore accounts that law enforcement cannot control the growing misconduct, according to a Senate report that provides the most detailed look ever at high-level tax schemes.

Senator Carl Levin discussed tax abuses at a briefing Monday in Washington. Cheating accounts for as much as $70 billion a year.

Among the billionaires cited in the report are the owner of the New York Jets football team, Robert Wood Johnson IV; the producer of the â€œMighty Morphin Power Rangersâ€ children’s show, Haim Saban; and two Texas businessmen, Charles and Sam Wyly, who the Center for Public Integrity found in 2000 were the ninth-largest contributors to President Bush.

Mr. Johnson and Mr. Saban, who are portrayed as victims in the report, are scheduled to testify today before the Senate Permanent Investigations subcommittee. They are expected to say that professional advisers assured them their deals to avoid taxes were more likely lawful than not. The Wyly brothers told the committee that they would invoke their Fifth Amendment right against self-incrimination and thus were not called to testify. The report characterizes them as active participants in tax schemes.

Cheating now equals about 7 cents out of each dollar paid by honest taxpayers, as much as $70 billion a year, the report estimated.
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shockey · Aug 1, 2006

hey, poor woody needs the tax break to support his new love child.

Seabasket · Aug 1, 2006

Interesting story. I'd love to know how many U.S. senators and congressmen are doing the same thing.

Armchair_QB · Aug 1, 2006

Seabasket said:

Interesting story. I'd love to know how many U.S. senators and congressmen are doing the same thing.
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I'll guess all of them.

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