Wednesday, April 15, 2009

Happy Tax Day!

In honor of this beloved day, here are some interesting news and facts regarding taxes.

Top Ten Tax Dodgers
#1 Al Capone

At his peak, Al Capone was America's most powerful mobster, overseeing a massive Chicago crime syndicate during Prohibition's heyday. So what would finally take down this kingpin — betrayal from a disloyal associate, maybe? A brutal mob murder? Please. This isn't the movies. The Godfather's tendency to not pay his taxes would prove his downfall. Unable to nail Capone on racketeering charges, authorities found him guilty of tax evasion and sentenced Capone an 11-year prison term. By the time he was released, Prohibition was kaput and other mobsters had taken over his organization.

#2 Wesley Snipes
He blamed his advisers for bad information and claimed, at various points, that the IRS was an illegitimate government agency, that he was a non-resident alien, that he received bad information from his associates ... and on and on.

#3 Pete Rose
Failed to properly report income from autograph and memorabilia sales and gambling wins (horses this time).

#4 Willie Nelson
With a bill for $16.7 million in unpaid back taxes, Nelson had to hand over many of his possessions to stay out of prison. But in a bit of quick thinking, he released an album poking fun at his plight, calling it "The IRS Tapes: Who Will Buy My Memories?" His fans took the title literally, snapping up his items at auction and handing them back over to Willie. By 1993, Nelson was able to settle his tab.

#5 Richard Hatch
Winner of the first season of Survivor, he though he could "forget" to pay taxes on his million dollars.

#6 Leona Helmsley
"We don't pay taxes. Only the little people pay taxes."

#7 O.J. Simpson
The Juice apparently owes California $1.4 million in back taxes.

#8 Helio Castroneves
Winner of the Indy 500 and Dancing with the Stars faces up to 5 years if convicted.

#9 Sinbad
The comedian owes the Golden State $2.5 million in personal income tax.

#10 Walter Anderson
A telecommunications entrepreneur owed more than $200 million in taxes owed to the federal government and the District of Columbia.

For the full stories, check out Times.com




CNN's "Nationwide 'tea party' protests blast bailout"

"As many Americans rush to file their 1040 forms on national tax day, cheering crowds across the country are heaving huge coolers with "Tea" painted on the side into bodies of water, harkening back to the pre-Revolutionary War protests in Boston, Massachusetts. In those 1773 protests, colonists dumped tea into the harbor in a show of defiance against British rule and the British Parliament's attempt to levy taxes on the American colonies without allowing them representation in the body.

Protesters on Wednesday said like their colonial forebears, they felt that their voices were not being heard by their government." continue reading at CNN.com


From Bargaineering.com's "50 Fun Facts About Taxes"

In at least 23 states there is a tax on illegal drugs. When you buy an illegal drug, like marijuana or even moonshine, in Tennessee, you have 48 hours to report it to the Department of Revenue to pay your tax and get a stamp for the substance. No identification is needed, though there are a dozen cop cars sitting outside the office. (Just kidding about the cop cars, I have no idea)

21% of paper returns have errors, 0.5% of e-file returns have errors; do your taxes electronically.

For each $100 that the IRS collects, it costs only thirty-nine cents. While you might hate them, tell me what other agency runs with such efficiency? The answer is probably none.

From 1996 to 1998, these companies paid zero taxes: AT&T, Bristol-Myers, Squibb, Chase Manhattan, Enron, ExxonMobil, General Electric, Microsoft, Pfizer and Phillip Morris.

For the Full List



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