The Random Comic Strip

The Random Comic Strip

Words to live by...

"How beautiful it is to do nothing, and to rest afterward."

[Spanish Proverb]

Ius luxuriae publice datum est

(The right to looseness has been officially given)

"Everyone carries a part of society on his shoulders," wrote Ludwig von Mises, "no one is relieved of his share of responsibility by others. And no one can find a safe way for himself if society is sweeping towards destruction. Therefore everyone, in his own interest, must thrust himself vigorously into the intellectual battle."

Apparently, the crossword puzzle that disappeared from the blog, came back.

Thursday, January 16, 2014

In The "Hate The Rich" Department....

Beanie Babies maker avoids prison for tax evasion 

Here is the first paragraph of the article (referenced above) I read yesterday...

The billionaire businessman behind Beanie Babies learned Tuesday that he won't go to prison for hiding at least $25 million from U.S. tax authorities, and the judge who gave him two years' probation instead went to great lengths to praise his charitable giving.

One would think that a mind that thought up Beanie Babies would have been a little more clever at covering his tracks. Actually, one would think that the mind behind Beanie Babies wouldn't have tried to cheat on his taxes. I mean... C'mon, he made toys for little kids, not guns and bombs.

Apparently, however, making a lot of money leads to things like this. He's taxed at close to 35% (at the time, now close to 40%) and that's a big chunk of money. The incentive to cut corners and fudge a bit on income reporting would be strong.

Here's another excerpt from the story...

Peterson [the prosecutor] detailed how Warner meticulously hid his income — more than $100 million at one point — by filing false tax returns for at least 11 years, and pointed out that another area businessman caught in the same dragnet, Peter Troost, got a year in prison from another judge in that courthouse for hiding far less — $3 million.

But the IRS is relentless, they will harass you until you finally give up. I know. They tried it with me a couple of times. The problem was I had nothing to lose by fighting them. I had few assets to seize and, in my favor, I was right and they were wrong. And I could prove it. So when the threats came, I laughed and made snide remarks... like am I talking to the "IRS" or the "KGB?"

Don't try that unless you are absolutely sure you are in the right and can back it up.

1 comment:

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