Wily Wyly brothers in massive tax avoidance scheme
I've never understood why so many wealthy people want to have the advantages of civilization but are so unwilling to pay for them. A few generations ago, it was at least a part of the popular ethos that the wealthy, who had all the privileges, were supposed to pay from them. Nowadays, the wealthy-- especially pals of George W.-- don't even pretend that they have any responsibilities. From
The London Independent
The Manhattan District Attorney, the Securities and Exchange Commission (SEC) and the US Internal Revenue Service (IRS) are jointly probing a tax-shelter plan run out of the Isle of Man. The scheme, devised by one of America's biggest banks and used by two billionaire donors to George Bush's election campaign among others, is being probed for possible breaches of securities and anti-money-laundering rules. The investigating bodies believed that up to $100m (£55m) of tax was saved through one scheme alone, and as much as $700m in taxes may have been avoided over an 11-year period.
# posted by
Charles @ 6/05/2005 12:28:00 PM