Tax Guru – Ker$tetter Letter

Helping real people win the tax game.

  • Enter your email address to subscribe to this blog and receive notifications of new posts by email.

    Join 678 other followers

  • Blog Stats

    • 306,717 hits
  • Posts By Day

    September 2009
    M T W T F S S
     123456
    78910111213
    14151617181920
    21222324252627
    282930  
  • Subscribe

  • Special Pages

Archive for September 13th, 2009

Offshore Tax Gap?

Posted by taxguru on September 13, 2009

US citizens in rush for offshore tax advice – Ohio CPA Dana Stahl forwarded this to me with the following message:

Mr Guru – Obama’s war on the rich in the USA continues.

While that is obviously true, what caught my attention was the following reference to my old bugaboo, the tax gap:

A Senate committee has estimated that the parking of assets offshore costs the US $100bn in lost taxes each year.

As I have been explaining for decades, any “tax gap” is by definition impossible to know with any certainty.  Any figure that is being bandied about has either been pulled out of some politician’s rectum or is merely a WAG (wild ass guess).  Of course, that’s SOP for our rulers in DC, as illustrated by the health care reform discussions. None of those figures has any relation to reality. 

 

Posted in TaxGap | Comments Off on Offshore Tax Gap?

Posted by taxguru on September 13, 2009

Charlie in rental di$order – At least Charlie Rangel’s consistent in his income reporting.  Not only hasn’t he declared his rental income from his villa in the Dominican Republic, rental income from a six unit apartment complex in Harlem isn’t worth reporting either. 

As usual, none of this is considered to be serious enough to reduce his power in Congress as the head of the Ways & Means Committee, which writes all of the income tax laws that we mere peons are required to comply with.  Our DemonRat rulers have more important things to investigate, such as how to punish a Republican who couldn’t resist the temptation to yell out “You Lie” while 0Bambi was lying through his teeth.  It’s good to know our rulers have their priorities in the right place. 

 

Posted in Rangel | Comments Off on