Free Ebook Perfectly Legal: The Covert Campaign to Rig Our Tax System to Benefit the Super Rich--and Cheat E verybody Else, by David Cay Johnston
Free Ebook Perfectly Legal: The Covert Campaign to Rig Our Tax System to Benefit the Super Rich--and Cheat E verybody Else, by David Cay Johnston
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Perfectly Legal: The Covert Campaign to Rig Our Tax System to Benefit the Super Rich--and Cheat E verybody Else, by David Cay Johnston
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Review
"Truly shocking." —The New York Times Book Review"Readers should take their blood pressure pills." —The Dallas Morning News"Everyone who wants to understand what's happening with the tax system should read Perfectly Legal ... by David Cay Johnston, who shows how idealogues have made America safe for wealthy people who don't feel like paying taxes." —Paul Krugman, The New York Times"Even if you suspected all along that the system favors the rich, you're going to be shocked to learn just how badly you're being screwed." —Greg Palast, author of The Best Democracy Money Can Buy"Want to know how business execs get nearly free peraonal trips on their corporate jets? Johnston is your man." —Business Week"This is a book that will either shame us or prod us into taking back the system." —Ralph Nader
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About the Author
David Cay Johnston is a Pulitzer Prize–winning reporter who has been called the “de facto chief tax enforcement officer of the United States.” His most recent books, Perfectly Legal and Free Lunch, were New York Times bestsellers. He was a reporter for the New York Times for 13 years and now writes a column for Reuters. He also teaches at the Syracuse University College of Law and the Whitman School of Management, and he was recently elected to be board president of Investigative Reporters and Editors, Inc. He lives in Rochester, New York. Visit davidcayjohnston.com.
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Product details
Paperback: 352 pages
Publisher: Portfolio; Reprint edition (January 4, 2005)
Language: English
ISBN-10: 1591840694
ISBN-13: 978-1591840695
Product Dimensions:
5.5 x 0.7 x 8.4 inches
Shipping Weight: 11.2 ounces (View shipping rates and policies)
Average Customer Review:
4.4 out of 5 stars
145 customer reviews
Amazon Best Sellers Rank:
#167,651 in Books (See Top 100 in Books)
I read Who Rules America in college many years ago. I was curious to see what might have changed since then. After reading this book, I can only say that the author has done an excellent job of telling us what has happened, why it happened and then challenging us All to do better. His notes and links that form a wonderful type of bibliography are worth some time and effort. I hope that the author will revisit this topic in the future.
I nice in-depth look at many of the most effective ways that corporations and those wealthy enough to run them have gamed the US Tax code (with the connivance of DC politicians) to enable them to pay taxes at an overall rate less than the average American. It covers everything from foreign tax shelters to massive deductible expenses and many other ways in which those who can buy top legal advice and congressional cooperation reduce their tax debts so that the rest of us must bear the burden.There is a class war going on in this country and it began when some of the rich decided that the fruits of their own efforts was not enough.
This is a very depressing revelation of the investment and banking industries. The reader will likely be shocked while reading this book. I'm now a huge fan of David Cay Johnson!
"Perfectly Legal" is the result of nine years of investigative research by the author. Some sources that he cites are tax lawyers, accountants, preparers, and tax protesters.Mr. Johnson observes that "our tax system now forces most Americans to subsidize the lifestyles of the very rich, who enjoy the benefits of our democracy without paying their fair share of it's price."There are examples of tax "engineers" that for a large fee will share schemes that allow tax evasion by exploiting a plethora of tax loopholes.Of the many means employed to cheat on taxes, the deferral of compensation was an interesting and very common method. The battle over jet-travel perks was another expensive tax avoidance controversy.The chapter "Big Payday" on executive's compensation was an eye-opener.Is anyone worth some of these compensation packages? No! But that's corporate greed in it's most blatant form. The author demonstrates that greed is not owned solely by corporations and is often not easily detected. It is also rarely prosecuted.Some more of the topics that struck me the most are:The myth of the estate tax causing a loss of family farms. Most interesting is the the reason why the rich like Warren Buffett, George Soros, and Bill Gates, Sr. support the estate tax. Mr. Johnston states a disturbing fact- "Some of the biggest fortunes in America have never been taxed, not even once."The hidden side-effects of the Alternative Minimum Tax or otherwise called the "Stealth Tax".How tax evasion vehicles are promoted by tax advisers and large financial firms in an open fashion. Some of those advisers were former IRS employees. The 861 position was investigated.The business philosophy employed by a few notorious CEOs which basically amounts to squeezing the pay and numbers of workers and then rewarding the executive on a ridiculous level.How patriotism (remember the old logo "Made in America?) has taken a back seat while American corporations "expatriate" offshore.The details of oil companies tax dodging schemes such as claiming profits in a foreign country and claiming expenses in the U.S.The "moral hazard" of the limited liability partnerships(LLPs).These partnerships limit the accountability of partners, removing potential incentive to monitor each other."What is in short supply in America is not capital, but income- at least for the half of Americans getting by on less than $28,000 per year- and educated minds. But our policy is aimed at more capital in the hands of the few, not at higher incomes for most so that they can acquire more assets..." Page 312-313."Transparency is good for the taxpayers overall, bad for the favored few." Page 315.Those are a few of the astute observations made by the author.If you only read one book the politics of taxes and the rich, I recommend reading "Perfectly Legal" by David Cay Johnston!
We all suspect that people who can afford enough lawyers and accountants are able to dodge taxes, but we don't know how they do it. This book pulls back the curtain and shows why the debate over whether the top marginal rate should be X or Y percent is irrelevant to anyone truly rich.Some of the chapters I found most interesting were on how CEOs have enough flexibility to defer their income almost indefinitely to avoid paying taxes on anything they aren't ready to spend, and on how the IRS enforcement budget is mis-allocated - they have plenty of funding to audit the poor, but real-estate partnership returns aren't even matched up with individual income tax returns to make sure they're consistent. If that sounds interesting to you then you'll enjoy the book; if it sounds boring then you might not.
This is the best book I've read in a long time, and possibly the best non-fiction book I've ever read. It was no surprise to me that our elected representatives (of both parties) are at the beck and call of the "political donor class," but the extent to which this is taken is astounding. I did not realize that tax bills can be written with no outside input or review, and that many legislators vote on tax bills without even reading them (or understanding them). I did not realize that tax cheats can come out in public and tell the world they stole millions and still not get prosecuted. I did not realize how ill-prepared the IRS is to detect and prosecute tax cheats. I did not realize the extent to which so-called "American" corporations will go to avoid paying taxes. And finally, I did not realize how little our elected representatives care that the tax system is rigged in favor of the super-rich, on the backs of the middle class. I personally got snared by the alternative minimum tax in a big way back in 2000, and I was never able to understand why all my elected legislators felt that nothing could be done about a tax law that was so clearly broken. This book clearly explains why neither party wants to talk about it or fix it. I am especially pleased that this book makes a point to be non-partisan, so neither party can dismiss it easily. This book is a nice filter through which to digest the partisan rhetoric coming from both sides prior to the upcoming election. I agree with the other reviewers; do not read this book before bed-time, because you will be too angry to sleep. When this book comes out in paperback, I plan to buy many copies to give to friends and family. And I am already recommending it to everybody I know. As Johnston concludes, reform does start with us.
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