A federal court in Louisiana is rejecting
transactions by The Dow Chemical Co. that created $1 billion in what the U.S.
Justice Department calls "phony tax deductions."
Justice said Wednesday that the tax-reduction scheme
was created by Goldman Sachs and the law firm of King & Spalding.
It involved creating a partnership that Dow operated
out of its European headquarters in Switzerland.
Justice said Chief Judge Brian Jackson ruled
correctly in saying that the tax benefits created by the scheme were artificial
and that the corporate structure was created to exploit weaknesses in the tax
code, not for legitimate business reasons.
The judge also imposed unspecified penalties.
Assistant Attorney General Kathryn Keneally praised
the decision, calling the tax-avoidance scheme "offensive to all taxpayers
who pay their fair share."
I find it very odd indeed how these same businessmen are deacons in our Churches, serve of PTA's, and raise their children to obey the laws and honor the country in which they live and protected. What a conspicuous contradiction of ethics, values, morals, and integrity. And, do we still want to call these people Dad?
1 comment:
I know. Its interesting that all the tax burdens in this country are on the backs of the little people. We really have morphed into a facists nation, as Mussollini defined fascism.
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