The problem came to light during a Senate investigation of the 1929 stock-market crash: Some of America’s wealthiest citizens, including the banker J.P. Morgan and his partners, were legally paying nothing in federal income taxes.
The solution, endorsed by majorities of both parties in Congress: Make individuals’ income-tax information public, and shame the evaders into paying their fair share.
Under the Revenue Act of 1934, anyone who filed a federal tax return would also complete another — pink — form, with his or her name, address, income, deductions and total taxes paid. Everything on the pink slips was public information, available to reporters, nosy neighbors or former spouses alike.
Daily Archives: April 5, 2006
Powell Warns Net Neutrologists Not to Be Naive
Former FCC chairman Michael Powell is up on the stage at the Freedom to Connect conference right now, and he warns the tech elite crowd here not to
be naive about the dangers of asking Congress for legislation on Net
Neutrality. As he explains:The legislative process does not work well when it has a weak understanding
of innovation and tech policy. You are talking about 535 members who need
to to get this. They have a very shallow understanding [of Net Neutrality].
If you go give them a quiz about the seven layers of the Internet, good
luck.
David Lazurus has more on the proposed legislation.
Dealer Activism for GM’s Embattled Chairman
Lee Hawkins, Jr., Monica Langley and Joe White:
Besides Mr. Fisher’s statement, Mr. Wagoner recently has won the backing of two prominent GM dealers. John Bergstrom, chairman of Wisconsin-based GM dealership chain Bergstrom Automotive, sent a letter to the board late last week to “share with you my total support and respect for Rick Wagoner…who has earned the respect of all of us in the retail network.”
Another dealer, Carl Sewell, who has 15 GM franchises in the Dallas area, recently began talking to other dealers to say, “We need to come to our company’s and Rick’s defense.” GM is providing his dealerships with “the best product we’ve ever had,” he said, adding that Mr. Wagoner is “a wonderful human being of intellect and integrity.”