How the Stars Avoided the 90% Tax Rate in the 1950s
In the 1950s and early 60’s, there was a 90% tax rate on taxpayers earning in the highest tax bracket of $200,000 ($1.9 million today). In order to avoid paying almost all their income to the IRS, the rich used loopholes to reduce their tax bill. But even with loopholes, the wealthiest still ended up […]
It will be a Concrete Jungle for Paving Company Owner
Douglas Wieland of Denver, CO, was sentenced to 12 months and one day in prison after pleading guilty to two counts of failure to pay income taxes. Wieland was the owner of Performance Paving, a company that performed concrete and asphalt work. According to court documents, it was shown that from April 1999 through December […]
Taxpayers who can’t pay their taxes should still file on time
With the April tax filing due date just a few days away, taxpayers should remember to both file and pay any taxes they owe by the deadine. Taxpayers who do not file and pay timely will see their tax debt grow. In fact, penalties and interest can cause a taxpayer’s debt to grow by more […]