Massive Crime Ring Exposed
August 29, 2005 · Print This Article
Each time one of us regular folk makes a tax payment we think, damn, that hurts. If we are somewhat connected to our society we then think, well at least it pays for education, roads, healthcare and other good services we all depend on.
We all think maybe our taxes are a bit too high because of waste, and we all resent people who seem to be freeloaders. And we have a suspicion that rich people don’t pay their fair share.
The latter suspicion was borne out today when it was announced that KPMG in the United States has admitted wrongdoing in setting up fraudulent tax schemes to help wealthy individuals avoid paying taxes.
KPMG used shelters to generate phony tax losses of $11.2 billion for 601 wealthy clients from 1996 to 2002, according to documents filed today as part of the deferred prosecution settlement with the firm. The company earned at least $115 million in fees for arranging the shelters.
If you do the math that’s about 18m per person. Sheesh, what I couldn’t do with with 18m bucks.
Its unfair enough the wealthy can afford to hire people to make sure they pay less tax within the rules, which they set via their representatives in Ottawa, Washington and other capitals. Now it appears there is organized criminal fraud among the wealthy and their service providers.
I am encouraged at this development because it means some of it is coming to light. Far too little, I’m afraid. We’ll be watching.
Shocking but Not Surprising. What, the second or third oldest game in the history of commerce/tithe/tax/trade?
The other ones that get me are the individuals/organizations that dedicate their full-time occupation to scamming to rip-off the unsuspecting elderly, the un-informed or to raking millions off the taxpayer thru crime - GST re-payments off bogus million-dollar deals, telephone scams preying on the trust of our citizens, or internet email spams luring people into giving away their account/personal information.
I would completely support a harsh and merciless punishment for these crimes. Not only do they steal people’s savings, our tax-dollars, etc., and force expenditures for the infrastructure and resources to counter-act the schemes, but they also - and this is the most damaging part in my opinion - are devoting their creative and productive energies and resources to the active destruction of the trust, openess, and character of our society. People are more likely now to be suspicious of a phone-call, a knock at the door, or a an unsolicited email message. That is evil.
Amen, brother.