Saturday, June 04, 2005

Billionaire Bush donors being investigated for tax shelter plan

Charles and Sam Wyly, Texas billionaire brothers, donated over $200,000 to Bush's re-election campaign and also paid for ads that attacked both John Kerry and John McCain. The Manhattan District Attorney, the Securities and Exchange Commission, and the Internal Revenue Service are now probing the Wyly brothers' tax shelter scheme that is operated from the Isle of Man.

It is estimated that the brothers may have evaded paying up to $800 million of tax money in a scheme that involved handing over stocks to trusts and declaring they neither owned nor controlled the stocks. When the options were cashed in, no tax was owed. This was once a popular way of avoiding paying taxes, but it was made illegal in 2003.

You won't be seeing this on network or cable news, so spread the word.


It is like I said, "The rich get richer and the poor, well they don't get rich."

By Blogger zelda1, at 10:25 AM  

No, it's like the Bushies say... "The rich get richer, of course, and the poor... well, screw 'em, they can't contribute to my campaign and besides, they vote Democrat, so they just don't matter."

By Anonymous Anonymous, at 11:22 AM  

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