Ted Turner and Jane Fonda were getting their divorce a few years ago, his tax returns were entered into evidence. The Atlanta Journal Constitution reported that for the previous tax year, his income was about $125 million and he paid about $5 MM in taxes.
And your plan would mean for him to pay $5 MM a year in taxes he would have to spend about $22 MM a year (fat chance)....Then, your plan would send him a check so he doesn't have to pay tax on his "necessities"...As if anyone there in your offices at AFT know what everyones, let alone Ted Turner's, "necessities" cost them.
How many of you would like to have an effective tax rate of less than 5%?
Oh, BTW, he would only have to have his corporation make his purchases...under your plan he could pay NO tax.
How many of you would like to have your corporation make your purchases so your effective tax rate is 0%
How many of you would like to go to jail for tax fraud?
"How many of you would like to have your corporation make your purchases so your effective tax rate is 0%"
Oh boy, you sure got me there, Louie. I can't imagine how we would ever catch Turner if he started paying for his lavish lifestyle through his corporation.
LOL!! Are you serious?