eShop USA > Books > Perfectly Legal: The Covert Campaign to Rig Our Tax System to Benefit the Super Rich - and Cheat Everybody Else
Perfectly Legal: The Covert Campaign to Rig Our Tax System to Benefit the Super Rich - and Cheat Everybody Else
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Binding: Hardcover
Format: Bargain Price
Label: Penguin/Portfolio
Manufacturer: Penguin/Portfolio
Number Of Items: 1
Number Of Pages: 352
Publication Date: December 29, 2003
Publisher: Penguin/Portfolio
Studio: Penguin/Portfolio
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Editorial Review:
Most Americans would agree that they are duty bound as beneficiaries of our democracy to pay taxes, and the majority of us do pay-exorbitantly. But what about those who do not pay their fair share? David Cay Johnston, a Pulitzer Prize-winning reporter for the New York Times, here reveals how fairness and equity have eroded from the American tax system. Johnston describes in shocking detail the loopholes our government provides the "super rich"--from private individuals to profitable corporations-to hide their wealth, to defer or evade tax payments, and to pass the bill to law-abiding middle-class Americans. The loss in revenue "imposes a severe cost on honest taxpayers" through reduced services, increased federal debt, and a weight on the middle class that threatens to impede its ability to achieve upward social mobility.
Admitting the extreme complexity of our economy and by extension our tax code, Johnston points out that the very wealthy do, of course, pay taxes. However, because of shelters that allow them to understate most of their income, they pay little more on average than most Americans on the dollar. This is regressive, and unquestionably favors the superrich. Johnston includes examples of outrageous corporate malfeasance (such as companies that establish off-shore tax addresses) and exposes the tax benefits of the particularly loathsome practice made famous by Jack Welch, in which thousands of wage earners are laid off while a handful of executives are granted hundreds of millions of dollars through deferred compensation, company stock options, and lucrative retirement packages, all at stock holders' xpense. In addition to these offenses, he describes the tax evasion methods of those who simply defy the law and are emboldened by a beleaguered IRS that is too underfunded to serve as an effective deterrent to tax cheats. Johnston calls for a complete overhaul of the system. But because those who most benefit from these laws comprise the "donor class" that supports the government power structure, our prospects for reform remain very bleak. --Silvana Tropea
One of the country's top investigative reporters reveals how the richest 1 percent of the country has rigged the tax code and other laws in its favor. Since the mid-1970s, there has been a dramatic shift in America's socioeconomic system, one that has gone virtually unnoticed by the general public. Tax policies and their enforcement have become a disaster, and thanks to discreet lobbying by a segment of the top 1 percent, Washington is reluctant or unable to fix them. The corporate income tax, the estate tax, and the gift tax have been largely ignored by the media. But the cumulative results are remarkable: today someone who earns a yearly salary of $60,000 pays a larger percentage of his income in taxes than the four hundred richest Americans. Pulitzer Prize-winning investigative reporter David Cay Johnston exposes exactly how the middle class is being squeezed to create a widening wealth gap that threatens the stability of the country. By relating the compelling tales of real people across all areas of society, he reveals the truth behind:
* "middle class" tax cuts and exactly whom they benefit
* how workers are being cheated out of their retirement plans while disgraced CEOs walk away with millions
* how some corporations avoid paying any federal income tax
* how a law meant to prevent cheating by the top 2 percent of Americans no longer affects most of them, but has morphed into a stealth tax on single mothers making just $28,000
* why the working poor are seven times more likely to be audited by the IRS than everyone else
* how the IRS became so weak that even when it was handed complete banking records detailing massive cheating by 1,600 people, it prosecuted only 4 percent of them Johnston has been breaking pieces of this story on the front page of The New York Times for seven years. With Perfectly Legal, he puts the whole shocking narrative together in a way that will stir up media attention and make readers angry about the state of our country.
Customer Reviews
Average Rating: 
Rating:  - Excellent and disturbing
I read this book when it came to paperback a couple of years after its published date. I was so disturbed by some of the stories of freeloaders and tax cheats that I had to stop and google the offenders and to my surprise many of them are now behind bars for tax fraud!
No one likes paying taxes, but as a self-employed person I pay more than my fair share four times a year, and I am in the most likely group to be audited! So trust me I hate taxes as much as anyone.
But ... Read More
Rating: - Do you wanna know how little you matter to our government--enough to be audited because you aren't the super rich!
Read this book yesterday! This is important stuff and will piss you off on every page--get to it!
Rating: - Easy but difficult read
I cannot offer enough enthusiasm in the written word to tell all Americans to read this book. It is easy and clear reading; but, I also add difficult because I could read only a few pages before having to take a breather. The book, by its revelations, so incenses me that I feel as though the top of my head will blow off.
How can we, as adult citizens, allow the wealthy and their hirelings to get away with screwing the general public so much? Johnston's book tells so much that it is ... Read More
Rating: - I dont have much to add
To some of the excellent reviews already published.
I just wanted to say READ THIS BOOK! The author does an enormous amount of personal research on the subject. Although it will outrage you, it will also enlighten you. I think this is one of the best books I have read in the last 10 years.
Rating: - Excellent reporting
Johnston is an articulate writer who has a broad understanding of the US tax system, and has written on the topic for the NYT for some time.
This book, like his articles on the same topic, is well-written and a comprensive look at the problem of the manipulation of the tax code by special interest.
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