DODGING U.S. TAXES
-Own Gorrespondent)
* ■■ 1 1 fr— ■ ■ ■ - • ». Yacht Run as a Firm
(By Air Mail-
WASHINGTON, June 16. * In his stucly of tbe methods used by wealtliy Americans to dodge their taxes, Mr Roosevelt stumbled on an instance so ast-onishing that he disclosed it to the whole of the United States in a public statoment to-day. A . millionaire — whose name he does not reveal — incorporated his luxury yacbt as a business euterprise, He'was able, by means of a loophole in the income tax law, to list all-expenses of his plea&ure cruises as business losses. The President is to seek extra powers to prevent inconie tax evasion. According to his statement he "will ask Congress to plug loopholes through which wealthy individuals are evading taxes." "Their. niethods are legal," he says, "but . they are neither decent nor ethical." He intends to ^quote more cascs to sliow how enormously wealthy people are dodging payment by practices which, unfortunately, are teclmically legal. Behind this new drive is his realisation that the United States Treasury needs many millions to finance his vast social schemes.
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Bibliographic details
Hawke's Bay Herald-Tribune, Issue 141, 1 July 1937, Page 8
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181DODGING U.S. TAXES Hawke's Bay Herald-Tribune, Issue 141, 1 July 1937, Page 8
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