Friday, July 13, 2007

blocker corporations

In his not to be missed article in today's New York Times, David Cay Johnston reveals "how the tax system actually operates at the highest levels of the economy"quoting from tax lawyer Lee Sheppard...

“These guys have figured out how to turn paying taxes into an annuity... the private equity managers, the investment bankers, all the financial intermediaries, are in control of their own taxation and so the debate in Washington about what tax rate to pay misses the big picture.”