I would like to begin by telling the stories of two Americans who I think represent two different aspects of our crazy quilt system of taxation. Leona Helmsley represents the “supply” side of the system’s dysfunctions. Leona was a billionaire hotel executive who became infamous for the quip “We don’t pay taxes; only the little people pay taxes.” Her tart comment neatly summarizes one part of the problem-- the very wealthy do not pay their “fair share” and feel no shame in that fact. A Helmsley rival in New York real estate, Donald Trump, once made a similar point--not paying taxes is not a vice; it shows “I’m smart.”
Thanks John et al well done!
Absolutely. Nothing new, but good start.
Great piece! Looking forward to reading more :)
A great kick-off to your newsletter, John!
Thanks for your well written and illuminating remarks!