Assignment Task:
"You must pay taxes. But there's no law that says you gotta leave a tip."- Morgan Stanley 2006 advertisement
Through this week's readings the concept of tax avoidance vs. tax evasion is introduced. Although a seemingly straightforward, further readings about both avoidance and evasion may elicit deeper perception of the topics.
Recently on PBS I watched a rebroadcast of a Farm Aid concert which caused me to think about Willie Nelson and his tax "issues". Billed by Time magazine as one of the top ten tax dodgers of all time, right up there with Alphonse Capone (whose historical documents are available on irs.gov through the Links Library), is Willie Nelson. Take some time to look into root and cause of Willie Nelson's IRS issues.
After examining this case of tax evasion, research the tax loophole, or the legal tax avoidance of "carried interest" which was brought to the "evening news" by Mitt Romney.
Please read this article as well as researching further information independently. Carried interest was minimally addressed in the TCJA. Tax shelters have undergone much scrutiny which has precipitated many changes in the last 20 years. What are your thoughts on Willie Nelson and Price Waterhouse? What about carried interest and its cast of characters?