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View Diary: NYT: Bain’s tax “dodging” is "not legal," “subject to serious I.R.S. challenge” (128 comments)

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  •  Hmm, If only we had an AG that would act (4+ / 0-)

    if only we had a governmental agency that comes after the little guy for a couple of grand and lets this kind of corruption and illegal activity go unchecked.  If only we had.

    Paging Elliot Ness...Paging Elliot Ness...We have another Al Capone doing his thing without the fear of being caught.

    •  jasan - this is a civil issue (4+ / 0-)

      Why would an AG be involved? If the IRS disagreed with the the Bain Capital accountants on the point in question the BC partners would be charged back taxes and interest. There would not even be civil penalties.

      "let's talk about that"

      by VClib on Fri Aug 24, 2012 at 09:47:11 AM PDT

      [ Parent ]

      •  How do you know it is a civil issue? (0+ / 0-)

        Or for that matter, how does anyone know without an investigation?  As you say if this is a tax issue, then the IRS would be involved.  If all of this is nothing and nothing criminal, then why not show the tax retuns?  Fraud is not a civil charge, or is it now?  

        •  Very few tax issues are criminal (0+ / 0-)

          The issues that lead to criminal prosecution usually involve tax evasion like Al Capone who was generating substantial income, but had no paying job. No one at Bain Capital or Romney personally is involved in tax evasion. Firms like PriceWaterhouseCoopers don't represent clients who are actively pursuing criminal activity. If they did the tax professionals would be at risk of losing their licenses and the survival of the firm could be at risk.

          I think the history of releasing the returns of candidates for POTUS has to do more with understanding their financial patterns, not to catch someone doing anything criminal.  

          "let's talk about that"

          by VClib on Mon Aug 27, 2012 at 10:38:38 AM PDT

          [ Parent ]

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