Posted on 05/02/2003 5:42:49 PM PDT by HassanBenSobar
Edited on 04/22/2004 12:36:18 AM PDT by Jim Robinson. [history]
WASHINGTON
(Excerpt) Read more at foxnews.com ...
IRS Commissioner......That's like being the head cancer cell in a cancer patient. Some title huh?
There are companies out there that actively market tax fraud schemes to other companies. The activity is widespread. So what? Who cares if the IRS can't gouge a few companies? Here's why: the way these schemes are set up, they are completely non-transparent to investors. A great example is Enron: among the fraudulent schemes they set up were some tax-evasion schemes that produced 'paper losses' to offset real gains. The net effect? Investors see an artificially-inflated profit. That tends to undermine confidence in markets, and boost the regulatory hopes of Delusional Underground types.
What's worse is this: the companies who can best defraud the govt. of taxes wind up with a lot more cash in the bank--cash for buying out competitors. So the slime floats to the top.
So I don't care if the guy never 'worked' for a living. If he can do something to prevent capitalism from being undermined by frauds, I'd say he's worth a lot more than he's being paid.
It's disgusting and it's congress.
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