|
OT: More Bad Bush Money
TAXES? WE DON'T NEED TO PAY NO STINKING TAXES:
THE WYLY BROTHERS' OFFSHORE EVASION SCHEMES
Top Bush patrons Charles and Sam Wyly are under investigation for tax
evasion by federal and state agencies. The Wyly brothers join the
illustrious ranks of Jack Abramoff, Ralph Reed and Thomas Noe to mark
the 4th and 5th Bush donors raising more than $100,000 to come under
federal investigations.
Recently the Washington Post reported on what it called the "DeLay
effect", the phenomenon of Republicans losing support due to the
repeated ethics problems of their top leaders, and the worry it is
causing party strategists.
Rick Davis, a Republican strategist and former John McCain presidential
campaign manager said, "the ethics issue is putting the party 'into a
bit of troublesome water.'" With the repeated implication of Bush
donors and Republican leaders in corruption investigations, Republicans
have reason to worry. [Dallas Morning News, 6/4/05]
HOW MORE OF BUSH'S TOP PIONEER CLUB CONTRIBUTORS STOLE FROM THE
AMERICAN PEOPLE: THIS MAKES 5 MAJOR BUSH--BUSH/CHENEY DONORS (PLUS
$100,000) UNDER INVESTIGATION BY FEDERAL AND STATE AGENCIES
Offshore Tax Evasion: Another Bit of Troublesome Water
Wyly Brothers Involved in a State and Federal Tax Investigation.
According to news reports Sam and Charles Wyly, better known as the
"Wyly Brothers", are under investigation for tax evasion.
In early 2005 Michaels Stores Inc. revealed that U.S. Securities and
Exchange Commission and the New York County District Attorney were
investigating the stock transactions of Charles and Sam Wyly, the
company's President and Vice-President.
The billionaire Bush patrons are accused of setting up offshore trusts
on the Isle of Man, a noted tax shelter in the Irish Sea, in an attempt
to evade paying taxes on stock options. [Dallas Morning News, 6/4/05]
Wyly Brothers Set Up Trusts in Family's Name for Purpose of Tax
Evasion.
In the 1990's the Wyly brothers, while being advised by Bank of America
on tax issues, set up trusts in the names of some of their family
members.
The trusts, which were set up on the Isle of Man (a noted tax shelter),
were supposedly set up to benefit members of the Wyly family, but are
now under investigation by federal and state officials as possible tax
evasion schemes.
[Dallas Morning News, 6/4/05]
IRS Accused Wyly of Laundering Money Through Trusts to Avoid Taxes.
While writing about the Wyly's scandal the Dallas Morning News
attempted to explain the Wyly's complicated tax evasion scheme.
"First a public company grants stock options to a senior executive.
"The executive then transfers the options to a trusts or partnership
controlled by the executive's family.
"The parties structure the transfer as a 'sale' and the trust then
'pays' the executive for the options with a long-term or deferred note
-- say due in 30 years.
"Shortly after the options are transferred, the trust exercises the
stock options and sells the stock in the open market.
"The executive then takes the position that tax is not owed until the
date of the deferred payment -- in this case 30 years -- although the
executive has access to the partnership assets." [Dallas Morning News,
6/4/05]
|
Linear Mode
