Wednesday, April 02, 2003

And now for something completely different: entertaining new developments in the charming field of tax fraud. In this case, a bunch of rich folks are trying to avoid paying their legitimate debt to the society that made them rich using a tax exemption written into the law decades ago for very small insurance companies. The way it works is that they set up a holding company for their assets which does a small amount of insurance business (for their own offices, or the like), and maintains those assets as a huge reserve, which they get to manage tax free.

Why, oh why, do these people hate America?


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