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Tax Avoidance

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NEWS
January 19, 2015 | By Michael Boren, Inquirer Staff Writer
Two Marlton car washes received a visit Friday from a state tax investigator in a black Jaguar after a caller told Gov. Christie on a radio show Thursday night that a car wash in the township was not making customers pay sales taxes. The sudden visits surprised the owners of Promenade Car Wash and Marlton Classic Car Wash-Lube, both of whom said they charge the tax. "It came out of left field," said Mike Ambrosini, who owns Promenade, on Route 73. He showed an investigator from the Treasury Department's division of taxation his cash register and business certificates.
BUSINESS
August 25, 2014 | By Joseph N. DiStefano, Inquirer Staff Writer
Who is David Danon, and what drove him to take on his old bosses at Vanguard Group Inc., alleging that its nearly $3 trillion in assets were built on an illegal tax strategy? The son of a refugee from Bulgaria, Danon got in scraps as a schoolboy in Tenafly, N.J., where his short stature and harelip made him a target for bullying. "The teachers didn't do anything," Danon said. "I got into lots of fights that I should never have had to. " The struggle with Vanguard, where he worked for nearly five years as a tax lawyer, is Danon's toughest fight.
BUSINESS
September 22, 2012 | By Richard Rubin, Bloomberg News
A U.S. Senate committee memo said Microsoft Corp. used aggressive international tax maneuvers to avoid paying billions of dollars in taxes over the last three years. The committee memo, released for a hearing Thursday in Washington, said Microsoft used transactions with subsidiaries in Puerto Rico, Ireland, Singapore, and Bermuda to save at least $6.5 billion in taxes. The committee also disclosed that Hewlett-Packard Co. used a series of short-term internal loans that allowed the company to tap its offshore cash for domestic operations without paying taxes, according to the memo.
BUSINESS
April 11, 2016 | By Joseph N. DiStefano, Staff Writer
Since kings and councils first squeezed successful citizens to pay armies and administrators, the rich have hidden fortunes from tax collectors. A global industry of specialty lawyers, bankers, and agreeable local officials has spread through poor and island nations, British colonies, fee-hungry U.S. states, and other business-friendly outposts. They sell secrecy so corporations, criminals, and public officials can avoid much larger tax payments, sometimes legally. The Panama Papers , millions of stolen digital documents leaked to a German newspaper, Süddeutsche Zeitung , and shared through the donor-funded International Consortium of Investigative Journalists , have lifted a bank-secrecy veil to show how a large Panama-based law firm, Mossack Fonseca & Co. , helped leaders of Russia, Pakistan, and other countries, plus gun-runners, drug dealers, soccer bureaucrats, and private citizens, hide money from taxes and disclosures.
NEWS
February 15, 2013 | By Richard Rubin and Kasia Klimasinska, Bloomberg News
WASHINGTON - Jack Lew, the nominee for Treasury secretary, said he was not aware that a personal investment involved a fund in the Cayman Islands and said he lost money when he sold the holding. Lew, selected by President Obama last month to succeed Timothy Geithner, responded to senators' questions about the investment and his work at Citigroup Inc. as he testified at his confirmation hearing before the Senate Finance Committee on Wednesday. Committee Chairman Max Baucus (D, Mont.)
BUSINESS
January 11, 2013 | By Stephen Ohlemacher, Associated Press
WASHINGTON - The nation's tax law is so thick and complicated that businesses and individuals spend more than six billion hours a year complying with filing requirements. That's the equivalent of three million people working full time year round. As a result, about 90 percent of filers will either pay a tax preparer or use a computer software service to help with their federal tax returns this spring, according to a report Wednesday by an independent government watchdog. "The existing tax code makes compliance difficult, requiring taxpayers to devote excessive time to preparing and filing their returns," says the report by Nina E. Olson, the National Taxpayer Advocate.
NEWS
January 27, 2016
By Dean Baker According to their acolytes, the rich are great innovators and job creators. But they haven't lived up to that billing in this century, as both job growth and overall economic growth have been extraordinarily weak since 2000. If their benefit to the economy is in doubt, no one can dispute that the wealthy are world-class tax avoiders. The New York Times recently reported that the country's 400 wealthiest families paid an average of just 17 percent of their income in taxes.
NEWS
October 12, 2005
Let's follow through, fund reduction of diesel fumes On Sept. 7, a bill to reduce emissions from certain diesel engines was signed into law by acting Gov. Richard J. Codey. But this is only the first step in a two-part process to improve the health of all New Jerseyans. This law will be effective only if the voters vote to fund the program. The law calls for retrofitting public vehicles, including school buses, with emission controls to reduce pollution from the diesel engines.
BUSINESS
May 10, 2002 | FROM INQUIRER WIRE SERVICES
Shareholders at Stanley Works, a 159-year-old Connecticut institution known for its black-and-yellow woodworking tools, voted yesterday to reincorporate in Bermuda to slash the company's tax burden. But the change - which Stanley spokesman Gerard J. Gould said would take effect at the end of business today - may face challenges in court and in Congress. U.S. Rep. James Maloney (D., Conn.) compared the vote to the actions of Connecticut-born traitor Benedict Arnold. To reincorporate, the company will establish little more than a mail stop in the Atlantic Ocean archipelago while keeping operations in the United States.
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ARTICLES BY DATE
BUSINESS
April 11, 2016 | By Joseph N. DiStefano, Staff Writer
Since kings and councils first squeezed successful citizens to pay armies and administrators, the rich have hidden fortunes from tax collectors. A global industry of specialty lawyers, bankers, and agreeable local officials has spread through poor and island nations, British colonies, fee-hungry U.S. states, and other business-friendly outposts. They sell secrecy so corporations, criminals, and public officials can avoid much larger tax payments, sometimes legally. The Panama Papers , millions of stolen digital documents leaked to a German newspaper, Süddeutsche Zeitung , and shared through the donor-funded International Consortium of Investigative Journalists , have lifted a bank-secrecy veil to show how a large Panama-based law firm, Mossack Fonseca & Co. , helped leaders of Russia, Pakistan, and other countries, plus gun-runners, drug dealers, soccer bureaucrats, and private citizens, hide money from taxes and disclosures.
NEWS
January 27, 2016
By Dean Baker According to their acolytes, the rich are great innovators and job creators. But they haven't lived up to that billing in this century, as both job growth and overall economic growth have been extraordinarily weak since 2000. If their benefit to the economy is in doubt, no one can dispute that the wealthy are world-class tax avoiders. The New York Times recently reported that the country's 400 wealthiest families paid an average of just 17 percent of their income in taxes.
NEWS
January 19, 2015 | By Michael Boren, Inquirer Staff Writer
Two Marlton car washes received a visit Friday from a state tax investigator in a black Jaguar after a caller told Gov. Christie on a radio show Thursday night that a car wash in the township was not making customers pay sales taxes. The sudden visits surprised the owners of Promenade Car Wash and Marlton Classic Car Wash-Lube, both of whom said they charge the tax. "It came out of left field," said Mike Ambrosini, who owns Promenade, on Route 73. He showed an investigator from the Treasury Department's division of taxation his cash register and business certificates.
BUSINESS
August 25, 2014 | By Joseph N. DiStefano, Inquirer Staff Writer
Who is David Danon, and what drove him to take on his old bosses at Vanguard Group Inc., alleging that its nearly $3 trillion in assets were built on an illegal tax strategy? The son of a refugee from Bulgaria, Danon got in scraps as a schoolboy in Tenafly, N.J., where his short stature and harelip made him a target for bullying. "The teachers didn't do anything," Danon said. "I got into lots of fights that I should never have had to. " The struggle with Vanguard, where he worked for nearly five years as a tax lawyer, is Danon's toughest fight.
NEWS
February 15, 2013 | By Richard Rubin and Kasia Klimasinska, Bloomberg News
WASHINGTON - Jack Lew, the nominee for Treasury secretary, said he was not aware that a personal investment involved a fund in the Cayman Islands and said he lost money when he sold the holding. Lew, selected by President Obama last month to succeed Timothy Geithner, responded to senators' questions about the investment and his work at Citigroup Inc. as he testified at his confirmation hearing before the Senate Finance Committee on Wednesday. Committee Chairman Max Baucus (D, Mont.)
BUSINESS
January 11, 2013 | By Stephen Ohlemacher, Associated Press
WASHINGTON - The nation's tax law is so thick and complicated that businesses and individuals spend more than six billion hours a year complying with filing requirements. That's the equivalent of three million people working full time year round. As a result, about 90 percent of filers will either pay a tax preparer or use a computer software service to help with their federal tax returns this spring, according to a report Wednesday by an independent government watchdog. "The existing tax code makes compliance difficult, requiring taxpayers to devote excessive time to preparing and filing their returns," says the report by Nina E. Olson, the National Taxpayer Advocate.
NEWS
October 17, 2012
By Paul F. Bradley Seven percent of Americans believe Elvis is still alive. Maybe he should consider a campaign for the White House, because only 6 percent believe the stimulus package created jobs. Heading down the backstretch to Nov. 6, this should be a cause of concern for its author. Approximately 10 percent of Americans are left-handed, including the current president. But lefties have rights, too - including some that extend to the extreme right. Though demographic percentages can predict a lot about an election, I'm not suggesting that left-handed people vote as a unified bloc.
BUSINESS
September 22, 2012 | By Richard Rubin, Bloomberg News
A U.S. Senate committee memo said Microsoft Corp. used aggressive international tax maneuvers to avoid paying billions of dollars in taxes over the last three years. The committee memo, released for a hearing Thursday in Washington, said Microsoft used transactions with subsidiaries in Puerto Rico, Ireland, Singapore, and Bermuda to save at least $6.5 billion in taxes. The committee also disclosed that Hewlett-Packard Co. used a series of short-term internal loans that allowed the company to tap its offshore cash for domestic operations without paying taxes, according to the memo.
NEWS
August 10, 2012 | By Julie Pace and David Espo, Associated Press
PUEBLO, Colo. - Mitt Romney and President Obama both deplored the pervasive presence of televised attack ads in the race for the White House on Thursday, though neither acknowledged being helped as well as harmed. Each blamed his foe. Romney went first, saying of the president's campaign, "They just blast ahead" with ads that have been judged false by independent fact checkers. "I don't know whatever happened to a campaign of 'hope and change,' " he said, a mocking reference to the spirit of optimism that Obama evoked during his successful run for the White House in 2008.
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