David Cay Johnston Quotes
The British use a system where the profits a corporation reports to shareholders is what they pay taxes on. Whereas in America we require corporations to keep two sets of books, one for shareholders and one for the IRS, and the IRS records are secret. For publicly-traded companies, the British system would tend to align the interests of the government with the interests of the company because the company wants to report the biggest possible profit. Though, all wealthy countries have high taxes as wealth requires lots of common goods, from clean water to public education to a justice system.
Johnston, David Cay. "The Fine Print: David Cay Johnston on How the Tax Code Subsidizes the Rich." Interview by Arnie Cooper. The Sun, no. 346, Oct. 2004, pp. 4-13.
This is opposite to the view that the power to tax is the power to destroy. See Oliver Wendell Holmes {603715}, Daniel Webster {37299} and John Marshall {320000}.
Wisely, he cautioned Colossaeus to avoid severe taxation. The letter was actually drafted and written by Cassiodorus, the King’s secretary.
David Cay Boyle Johnston is an American investigative journalist and author, a specialist in economics and tax issues, and winner of the 2001 Pulitzer Prize for Beat Reporting.