Tax Me If You Can (full documentary) | FRONTLINE
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- Опубликовано: 21 май 2024
- In 2004, FRONTLINE investigated the rampant abuse of tax shelters dating back to the late 1990s, finding that some of America’s most respected accounting firms were responsible and that American taxpayers were paying for it. (Aired 2004)
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As the documentary “Tax Me If You Can” explored, the tax shelter became one of corporate America’s biggest hidden profit centers in the 1990s and early 2000s. The General Accounting Office estimated that bogus tax shelters at the time cost the government more than $85 billion.
Correspondent Hedrick Smith spoke with government officials, tax experts and industry insiders to expose these tax shelters. His reporting led him to some unexpected places - from the city of Dortmund, Germany, to the Cayman Islands. The documentary examined how difficult it was for the Internal Revenue Service to find tax shelters and how the tax shelter wave prompted a federal investigation. The ultimate victim in this scheme, experts in the documentary said, is the honest taxpayer who is left to make up what companies aren’t paying.
“Tax Me If You Can” is a FRONTLINE production with Hedrick Smith Productions. The co-writer, director and producer is Rick Young. The co-writer, correspondent and senior producer is Hedrick Smith.
Explore additional reporting on "Tax Me If You Can" on our website:
www.pbs.org/wgbh/pages/frontl...
#Documentary #Taxes #TaxShelter
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FRONTLINE is produced at GBH in Boston and airs nationwide on PBS.
Funding for FRONTLINE is provided through the support of PBS viewers and by the Corporation for Public Broadcasting.
Additional funding is provided by the Abrams Foundation; the John D. and Catherine T. MacArthur Foundation; Park Foundation; the Heising-Simons Foundation; and the FRONTLINE Journalism Fund with major support from Jon and Jo Ann Hagler on behalf of the Jon L. Hagler Foundation, and additional support from Koo and Patricia Yuen.
CHAPTERS:
Prologue - 00:00
America’s Tax Shelter Epidemic - 1:17
How American Companies Used Cross-Border Leasing Deals For Tax Benefits - 4:06
IRS Struggled Amid ‘90s Tax Shelter Epidemic - 11:07
Steering The Wealthy Into Tax Schemes - 22:20
A Federal Investigation Into Tax Shelter Abuses - 35:09
Tax Schemes Adapt To New Rules - 43:28
Credits - 52:40
Since “Tax Me If You Can” originally broadcast in February 2004, federal prosecutors filed the largest criminal tax case in U.S. history against the accounting firm KPMG LLP on Aug. 29, 2005. For more on this update, visit our website: www.pbs.org/wgbh/pages/frontline/shows/tax/etc/update.html
If Frontline was a police branch, there would alot of politics n corporates in jail lol.
Frontline produces the absolute best documentaries a person can watch. They are always made correctly, accurate, and full of good information. If you want to learn about a specific topic and there is a Frontline episode made about it, you are in good shape.
I think I have missed this doc, which looks really interesting, but, would it have killed you to remaster the footage for 4K?
Ancient history
*2004*. What's the point of posting this 19 YR OLD doc? None. Not watching it.
A PRESENT DAY documentary having anything to do with *MASSIVE PRESENT DAY TAX FRAUD* issues say for example involving the 🍊 🤡 would be too what, Frontline??
SMH 🤨.
🌹I'm 55 years and I retired at 51. I was able to do this because I understand four pricinciples of financial planning success think long term with goals and investing, spend less than you earn maintain liquidity (an emergency savings) minimize the use of debt
Success depends on the actions or steps you take to achieve it. Building wealth involves developing good habits, such as regularly setting aside money for sound investment...
Money invested is far better than money saved, when you invest it gives you an opportunity to increase your financial worth
It's remarkable how long term advantage people like us have gotten trying to be consistently not stupid, instead of trying to be very intelligent
The wisest thing that should be on everyone's mind currently should be to invest in different streams of income that doesn't depend on government paycheck. Especially with the current economic crisis around the world , this is still a time to invest in Stocks, Forex and Digital currencies
I keep seeing how lots of people testify about how they make money from stocks, Forex and crypto currencies (BTC) and i wonder why i keep losing.. Can anyone help me out or at least advise me on what to do 🙏.
Almost 20 years later, it's the same game. Even Trump, as President, said we shouldn't complain that he doesn't pay taxes because our lawmakers use the same laws (that they made) to avoid paying taxes, too.
Yes, and Bush twice rewrote the "Tax code" and Trump once!
20 years? lmfao. you need to take some time and study the history of eurocentric culture. this is standard for eurocentric people. they hate accountability and they hate being told to pay back into the societies they are extracting wealth from and they cant stand being told to pay for labor. basically they just enslave and steal and have done little else throughout history besides mass genocide and killing half of the wildlife on earth for daring to exist on the same planet
And when Trump can, he also files for Bankruptcy to avoid paying workers and service providers, and this guy was the President of the United States 🤷
So sad…
You mean like the Clinton Foundation. Tax free "charity" receiving tens of millions of dollars each year from governments
That Orange criminal is disgusting 🤢
I'm so pleased you are providing an audio translation of the foreign language in this episode. It makes it so much nicer for those with vision issues. Thank you!
I remember that when I became a CPA in 1969, not quite 22 years old yet, ethics were an important part of our instruction. Accounting firms actually did accounting and auditing. We did tax returns only for our accounting clients as a byproduct, not as a line of business. Seeing this, I'm glad I was drafted (that happened then) and became a Marine and Naval Aviator because we still observe ethical standards.
The taxpayers don't make the tax law. Yet no one blames the Congress that enacts these things.
One alternative is to have no corporate income tax. Instead, all income could flow to the shareholders where it would be taxed at their various rates. Publicly reported income would become taxable income when passed through. I don't advocate that possibility, I only point it out, because it would have problems too.
Michael
The issue I see is that the different business entities are taxed at different rates. I remember in accounting class when trumps tax cut and jobs act passed. We actually read the irs code and saw over seas income is taxed. It’s interesting that most democrats I know hated trump saying he promoted rich guys. It’s like from my prospective trump tried to make it so double taxation of corporations was more equal tk LLCs etc. it’s like if we wanted a fair system we need to abolish the tax code rates and say all businesses and individuals pay 20% and have a flat rate.
Tax rates change but one graph I remember of tax returns over gdp showed as tax rates change the tax return percentage of gdp was about the same. Taxes didn’t go dramatically up or down as tax laws as they changed forced people to change.
I think the military is as corrupt as Wall Street though. The military lost trillion! They commit so much fraud and then they’re viewed as patriotic. It’s like what’s going on? Why does congress give them more money but then not hold them accountable to pass an audit????
What are your thoughts on the ethics of threatening people to give you their money, and taking it from them wether they consent or not?
I think you are suggesting all companies file as a REIT or some equivalent?
Yes, those are the right ideas. I would only exempt some amount so the truly poor wouldn't be hurt, though there's an argument that they're the ones who benefit disproportionately and maybe should contribute something. I'll add to your opening lines about promoting rich guys--that's who the capable people are! @@koltoncrane3099
12:42 "the law let's companies keep two separate set of books"
This fact should be enough to convince anyone that our tax system is rigged in America. Unacceptable.
It’s not rigged. Anyone can start a business and use the tax code just like any corporation can. You just don’t because you’re convinced you need to be a W-2 employee
We're not even supposed to be taxed it makes us leaves people have to stop paying taxes and fight against evil
@@TM-ro7lhhow about no taxes. It's illegal and against the 13th Amendment it makes us slaves that they're forcing us and threatening us to pay taxes we don't need to pay taxes we all need to stop paying taxes cuz we're funding all this corruption that's going on with the drugs that human trafficking and sex trafficking what are you doing things funding that we are!!!
@@TM-ro7lh Yeah, it's not rigged, anyone can start a business. Two-thirds of Americans can't afford an unexpected $400 expense, but *ANYONE* can start a business and then start exploit tax code to the tune of millions of dollars. You're just convinced you need to be a W-2 employee. I'm a very smart and serious person.
This is a stupid comment. You break the law, you go to jail. Loopolls are legal until congress makes them illegal. You can whine all you want but the people that write the tax laws do so to include the loopholes your b1tching about.
Deutsche Bank sure pops up a lot when discussing corruption and questionable financial schemes.
The Germans have always believed that everybody else's property belongs to them. They won't change.
German companies are known for insane amounts of corruption outside of Germany. From Siemens to Volkswagen, they are all dirty as fuck. Just look up some of the scandals.
And the ex LIAR-IN-CHIEF.
North Carolina pops up alot. Who bought Bank of America years ago? Who bought the remains of Silicon Valley Bank just now?
This video is complete disinformation. There is no fed tax law that applies to 99.9% of Americans. Look up "Live free now" channel
😊
The fact that we get free documentaries on RUclips by FRONTLINE PBS is truly a gift 👏👏👏
By the way, may I also remind you the fact that our Native American population in our motherland, the Continent of America before the European Colonizers arrived, was around 15 millions, while the European population in their motherland, the Continent of Europe was around 25 millions.
Today, Native American population is 15 million, while the European population, in the Continents of America + Europe, is a staggering TWO BILLION! A shocking sad truth. 😔
In my humble opinion, it's about time to decolonize the Colonized lands, and return it to rightful owners Native American people.
Notorious global cardinal crimes the Christian West has committed, and benefited a great deals, such as Slavery & Colonialism had long been over, why on earth is notorious Colonization still lingering on, may I ask? 😔
LMFAO 😂😂😂
They're not free. The taxpayers fund public television.
frontlines
@@jasonlacroix6083 Money well spent. They are beholden to no corporate interest. Sure, some people up the chain were probably appointed by someone who is through our corrupt campaign finance system but its at least another layer of insulation from that. PBS/NPR makes their worth known in more way than just their journalism.
@@Isawwhatyoudid right on! It's pennies in the grand scheme of things. I'm addicted to these documentaries lately. I'm going through Tums and Pepto like crazy, because my stomach is sickened by the stories. The corps. will donate a few hundred thousand to a few key reps for their votes and then profit hundreds of millions. We get sold out so cheaply, that's always what gets me.
Man it's wild to be an accounting student in 2023 and have professors quoting some of the legalese from these lawsuits at us to make points about why some rules are the way they are now.
Nothing has changed in 20 years. I live in small town Colorado, yet my neighbor's "local" business is headquartered in Delaware...
To say nothing of the billionaires and multi-national corps paying virtually nothing. Good thing the IRS knows when I deposit a whopping $500 in my bank account.
The reasons to incorporate in Delaware really don't involve taxes, but there are certainly benefits.
@@pulltwhile not the _only_ reason, tax, (lack thereof lol) is a substantial primary benefit to incorporating in Delaware. This is from Forbes and it’s the first section under “Benefits of Incorporating in Delaware:”
“The most famous reason Delaware has attracted the eye of corporations across the world is the lenient taxes imposed by the state. Corporations registered in Delaware that do not do business in the state do not pay corporate income tax. Delaware also does not have a sales tax, investment income taxes, inheritance taxes or personal property taxes. While companies do have to pay a franchise tax to register in Delaware, this can be pennies compared to the income tax other states would charge. Nationwide companies that do conduct business in Delaware can still skirt the in-state income tax by establishing subsidiary or shell companies that hold various intangible assets but do not directly run business operations.”
@@HolyBlowhole The taxes are really a minor reason You can dodge/resource investment income and ordinary deductions much more robustly thru methods outlined here. The real benefit is the ease of simply having your company's "P.O. Box" and shell living here with very low burdens of any nature, not only tax.
nickel and diming while burning it in foreign wars
@@HolyBlowhole how they benefit out of it? Singapore Mauritius Panama do the same shits
The IRS needs to stop harassing the average citizen who are working their asses off and having to pay more tax after working all year and start busting these corporate tax defrauders and give us honest workers a break!
That's the whole point of the new IRS law.
I couldn't agree more!! It's the hard working everyday person that gets screwed all the time!! Government makes these laws and we the American people have to pay for their mistakes!!
And also support policies that would remove the bullshit American tax policy where you have to submit taxes correctly or you commit tax fraud. Other civilized places just send you a note saying, is this the correct numbers? And you just say yes and send it back.
The 1% has all the money and power. They control the IRS.
IRS being underfunded and understaffed has been deliberate for decades.”small government” and all that. Shameful
Very powerful documentary to expose the whole gangs of accounting and law firms. Thanks a lot for producing this
Sadly it will change nothing
The thing that this documentary skips out on is the politicians Are The gangs and the thugs. They continue to allow the loopholes. And they do it because they benefit from it
It's 2023, and basicly nothing has changed from when this episode was released.
For every tax deduction and credit there is a special interest group that will fight like hell to maintain it.
and they will try to make it a 'political' question as always rather than a moral one.
@@moss8448 Taxation is stealing. Is stealing moral?
Taxation is theft
Democracy is a big joke
Corporation is perfect organization for criminals
God is not a dead white man
Almost 20 years ago, would love to see a follow-up video!
I'm glad you said so I thought this was recent this was from a time when taxes were nothing were being taxed to insanity now compared to then
There's not much to see. First Union went under and Wachovia was ordered by the Comptroller of the Currency to take it over. Soon after Wachovia went under and was acquired by Wells Fargo. First Union finally made enough stupid transactions and did itself in when it bought a mortgage company that allowed people to decide how much of their mortgage payment they would make. No business can survive with customers paying interest only. Without capitol funds you can't continue to do business. First Union was so greedy that it made a tremendous and husband/wife owners of the mortgage company took them to the cleaners. Bank Of America did the same thing with Merrill Lynch. Wells Fargo has proven to have a problem with ethical treatment of its customers. It's been caught opening accounts and credit card accounts without the knowledge of the customers. I'm in Charlotte so I get a lot more information since these four banks are headquartered here. Personally I wouldn't do business with any of them. I had a NCNB account that I left 40 years ago because of the unethical practices there. NCNB is now Bank of America. None of these banks enjoy a respectful reputation in Charlotte.
@@robertcuminale1212 they don’t need respect tho. Theyre not even in for respect. Lol
What an amazing report. Well done keep it coming!
Great reporting. Thank you!
As a young auditor who practiced beginning in 2000, I can attest to these sorts of schemes. I was green at the time and didn’t want to ask too many questions, but basically this is the shell game that I witnessed on a grand scale.
Yall need to worry about all them (religious exemptions and pyramid schemes) and not poor people income. Biggest fraud scheme on the planet is income taxation on American citizens. It's completely unconstitutional. Gas taxes should cover our infrastructure, grocery taxes should go to state food programs , and all other sales and capital gains should be government. Instead government is now taxing income to murder people on their land. We need a defense budget by all means, but half the prison systems are filled with prohibitions that should have been taxed, not created more taxes to imprison people. Biggest tax scheme is rich people becoming members of their church that pays themselves from their donations lmao. It's sick
Right there with you. Early 2000s big 4 auditor here and we all witnessed it. It was easy to quickly get depressed about runaway capitalism.
@@pageek3487 so much so (depressed) that I lost all faith in the system, even doubting all the ethics lessons that I had internalized during college. I made a career change soon thereafter.
@@pageek3487 the gov's policies turning free market capitalism into corporatocracy (not corporatism) ruined it
@@aerofart me to. Got my cpa and switched to focus on financial systems. Not totally out of the game but less complicit.
A new-to-me PBS Frontline documentary, my night just got better 🙌
So Sad...😢
FANTASTIC REPORT- THANK YOU FOR SHARING
We work for years just to have a $1million, while some people put thousands of dollars in some meme coins and they're millionaires.
You guys seem to be talking only about about investing. I guess you could say first union was "investing", but the bottom line was that they were balls deep in tax-evasion. Does👆do that kind of "investing" Aka li/lo?
Are you upset because you weren't one of them? The reward goes to the man in the arena and not to the spectators in the stands!
It was the kids buying from the silk road.... I know, i bought bitcoin thinking it was like EBay using Tor.....crazy.....and not a lot of money
Most people list on meme stocks. They don’t get the press.
Our tax laws/rules are designed to benefit the rich & powerful!
And it's simply because we let them control politics and lawmakers
It's called uncontrolled lobbyists. Same with criminal laws were set to benefit the rich and were pushed by the rich.
"The Golden Rule" he who has the gold, makes the rules.
Rrck6610, there is no gold involved, bitcoin, other commodity are!
NO THEY ARE NOT. LEFT WING CREDITS KEEP PEOPLE FROM WORKING HARDER,
This has been going on for many decades now. It's nothing new. I'm very glad to see that Frontline is willing to expose these scammers and cheaters. I also highly recommend the documentaries "America: Freedom to Fascism" and "The Corporation". Thank you.
Fuck AmeriKKKa.
Are those Frontline docs also?
Yes...the video: "America, freedom to fascism" should be mandatory viewing by all Americans. All they have is the threat of violence against the average Joe and Jane. They certainly have no "Law".
And if you look at the people that wrote those tax laws you will find the real villains.
Aw man...I thought this was a fresh new documentary on tax corruption in America, but it's 20 years old and literally nothing has changed! If anything it's only gotten worse. ☹️ Not to say it isn't a great exposé and welcome. Love Frontline.
Wow this was from 2004, if we only knew what was coming
We did, but much like frogs in a frying pan, many of us didn't feel the low simmering feeling of foreshadowing turmoil at that time.
If they simplified the tax code, there'd be less to hide. 🙄
They are these same companies that contribute to campaigns. Why do you think the mention of revising campaign finance laws irk politicians?
Why do you think it became so complex in the first place lol
Gee.The Descendants of Nazis finagling their street cars for a tax write off for an American bank. What a surprise. I really don’t trust or do business with German companies. The sting of the third Reich Melody still lingers on.
@@chinguunerdenebadrakh7022 to necessitate an entire tax prep industry that makes billions off of tax prep services.and ensuring the largest and wealthiest are best positioned to avoid taxes and penalties.
“Simplified” is a dog whistle for saying “flat tax rate.” Flat tax rates are HORRIBLE. Tax rates are progressive for a reason: a dollar to someone make $30,000 a year is more meaningful than someone making $30,000,000.
The financial system has been artificially pumped for over a decade to ensure big pockets were lined; and now those same hands will make a fortune in the largest transfer of wealth in human history by shorting it on the way down. Inflation does have a roll, but that's to keep everyone panicked, and focused on their bills and expenses, rather than focus on the capital crimes of politicians and corporations,I'm still at a crossroads deciding if to liquidate my $338k stock portfolio, what’s the best way to take advantage of this bear market?
@Alexander Webber I agree, I've been in constant touch with an Investment advisor for approximately 17 months. These days, it's really easy to buy into trending stocks, but the task is determining when to sell or hold. That's where my advisor comes in, to help me with entry and exit points , I've accrued over $337k from an initially stagnant reserve of $148K all within 18 months.
@@stevensmiddlemass2072 I need a guide so i can salvage my port-folio due to the massive dips and come up with better strategies. How can one reach this advisor?
@@geraldantonio3160 Having an advisor is essential for portfolio diversification. My advisor is Stacie Kristal Weber who is easily searchable and has extensive knowledge of the financial markets.
@@stevensmiddlemass2072 Thank you for this amazing tip. I just looked the name up, wrote her and scheduled a call...
All of my friends pulled their money out of the stock markets of Fords, GM etc in 2008.
I’m 16 minutes in and I still haven’t heard them say the words “money laundering”, when that’s all this is and has ever been. How is any of this legal??
Big corporations are not paying taxes and the average citizen suffers.
That is why we needs to get rid of corruptions ( LOBYING)
Let's get this straight. The politicians spending money with don't have on things we don't need is what's causing the suffering of everyone.
The average citizen owns the vast majority of of corporations in the united states though retirement accounts.
@@adoe2305 what do you want to cut? Ss? Medicare? Medicaid?
Since the pentagon fails all its audits there has got to be a lot wasted in that area. The arms companies getting contracts where only one company bids a design and therefore gets to dictate the price.
No directly related to fenders spending is the ridiculous cost of healthcare in the US… it’s a disgrace.
That is among the things that cause the most suffering .
This video is complete disinformation. There is no fed tax law that applies to 99.9% of Americans. Look up "Live free now" channel
Mko
I crying right now! I was a single mother with three children that paid 35 percent of my income in taxes. We lived paycheck to paycheck. I maxed out my credit cards to help my children with college expense. We never went to the doctor or ER as I had a $10,000 deductible, even when my child severely injured her ankle and it was 3 times it’s size. We couldn’t go to the ER, as I needed the $10,000 to help my children! We learned how to self treat ourselves. I HATE my country and all the politicians who failed me! Every single politician and president should be in jail! Shameful. Shameful.
Lie
@@sback5134 Exactly, no way would a mother with 3 on her tax would be paying 35%. In fact, in all likelihood she would be getting a refund with the earned income credit.
With that said, the ER thing is a true pandemic. I visited an ER and they tried to bill me $3K for a 10 minute conversation with a doctor. I had no injuries, just thought I was having a heart attack. My insurance ended up paying a little less than half. It's a the biggest ripoff. I 100% understand that ER are more costly to operate than say a clinic, but the rates they charge is no way justified. It's not something you can shop for exactly.
Husband? Child support?
In Nigeria?
You are not alone, regular citizens in this country feel exactly the same way about our politicians, they don't give a @#$ about us citizens, they only care about themselves 😢
Update: In a major series of developments since this report was originally broadcast in February 2004, federal prosecutors filed the largest criminal tax case in U.S. history against the accounting firm KPMG LLP on Aug. 29, 2005. KPMG admitted to wrongdoing and agreed to pay $456 million to avoid a criminal indictment for its role in creating and promoting questionable tax shelters. The accounting giant also agreed to permanent restrictions on its tax practice.
An indictment would have spelled an almost certain death for KPMG. As part of the settlement, KPMG admitted that it engaged in fraud that generated at least $11 billion in phony tax losses, costing the U.S. government at least $2.5 billion in evaded taxes. The firm accepted responsibility in a detailed mea culpa that prosecutors would be able to use in criminal cases against individuals. KPMG acknowledged that the promotion of fraudulent tax shelters was deliberately approved and "perpetrated at the highest levels of KPMG's tax management, and involved dozens of KPMG partners and other personnel," according to the statement of facts (PDF, 138k) issued as part of the settlement.
On the same day, Jeff Stein, the former head of KPMG's tax practice, and several other former partners of KPMG were named in an indictment (PDF, 441k) charging them with conspiring to defraud the government by filing "false and fraudulent" tax returns. The indictment also named an outside lawyer, a former tax partner at the New York office of Sidley Austin Brown & Wood, a prominent national law firm.
But in July 2007 U.S. District Judge Lewis A. Kaplan threw out the charges against Stein and 12 other former KPMG employees, ruling that prosecutors had denied the defendants their constitutional right to legal representation by pressuring KPMG to cut off funding for their legal bills. "Their deliberate interference with the defendants' rights was outrageous and shocking in the constitutional sense because it was fundamentally at odds with two of our most basic constitutional values -- the right to counsel and the right to fair criminal proceedings," the judge wrote in his opinion.
So, NOTHING HAPPENED TO ANY CRIMINALS!
Stein. Enough said.
This is a very nice topic because people need to know what’s supposed to be done in these situations
Just think, as IRS personnel retire, they will probably be consultants for corporations. This is only going to get much worse for the average taxpayer in the future.
That’s exactly why they’re putting in the CBDC.
Nope. The retiring IRS personnel are essentially public servants who have been paid less than their worth for decades. That is not the personality that cashes in. You might be thinking of politicians. It's the politicians that took the lobby money that rigged the system. It's the politicians that get sweet landings from the corporations that they rigged the system for.
This was awesome I nvestigative reporting! Thank you for bringing this to public review!
Thank you. Watching from Alaska.
And the obscenely wealthy get even more obscene.
20 years later nothing has changed
I enjoy this documentary! Thank you Frontline !
It is not entertainment. It is a fire alarm.
This is what you get when you devise a tax code that is so complicated it's difficult to comply even if you wanted to. The government created this mess and then gets angry at the taxpayers who take advantage of it.
I spent over 30 years in business, in my business I was asked many times, "how can I not pay taxes?"
Screwing the M&L classes by not paying ur taxes is nothing to be proud of!
same here businesses exist so they pay least amount of taxes because the overhead is so much. almost all the profits goes into running and maintaining the business.
So what's the answer?
@@putler965 so the answer is for every business to raise prices by 100% so they earn so much money they end up with huge profits that they can pay taxes on. how would you like to pay $18 for a big mac?
@@desiguy55 I was asking for myself. How can I not pay taxes?
That's funny how defensive he got when questioned about the Germany transaction 😂
What a cokehead.
Complete GRATITUDE........ FED-UP 🔥🔥🔥
FRONTLINE Superb reporting 👍
Makes me grind my teeth. Working people paying rich people’s taxes
capitalism is great!
Reducing government spending should reduce working people's taxes.
You can’t fund government. It’s an addict, no matter how much they take from you they’ll always want more.
Timely. Well done.
It's from 2004
@@justus4685 The day they posted this documentary was Tax deadline day. That’s partly what makes it timely.
Always be an excellent program PBS
Planning retirement has never been this confusing! First SVB, then Signature bank and now First republic, these are all the signs of yet another 2008 market crash and recession 2.0, so my question is do I still save in the United States dollar, or could this be a good time to buy stocks? So I’m left wondering what 2023 has in store for us investors, I’ve been sitting on over $745K equity from a home sale and I’m not sure where to go from here
🎉Everyone needs a different stream of income , unfortunately having a job doesn't mean security due to the high rate of tax , one needs to move ahead their expectation, I would recommend refraining from investing in Forex/stocks for now. Instead, it would be prudent to consider retaining a portion of your assets in gold. Alternatively, seeking advice from a financial advisor could provide valuable guidance in this
Do you mind sharing info on the adviser who assisted you? been saving for pension since age 18 - company scheme. along the way I hit higher tax, so I added to my company pension with a SIPP (tax benefits) I'm 46 now and would love to grow my finance more aggressively, there are a few cars I still wish to drive, a few mega holidays
I've taken the initiative to research her online and verify her credentials. I'm impressed with her expertise, and I've reached out to her to share my financial market goals in detail
Bot thread
Thank you Frontline for amazing information and always getting the truth out there
Their regime tanked the economy while gassing up multiple wars, now they need to fill the hole. What they ignore is the real story these days.
Frontline hasn't been credible for ages now. You must be fully pfizered.
Why are they colluding with the biden crime family ?
Two things you can't avoid, death and taxes.....well if you got enough money and the right bankers and lawyers. You can keep it to a minimal.
So just have a flat tax to everyone. Easy.
Ironically enough money you can hold death off some too 😂. You can afford medical care
@@9999deoxys Oh yeah, I wonder why anyone didn't think of that.....
People like Jeff Bezos and Elon Musk make very little money from direct incomes like wage. Most of their money is just borrowed against the value of shares they hold (at extremely low interest). This allows them to avoid "flat income tax", as well as capital gains tax because they never sold the shares.
And you can't exactly have a "flat income tax" without hurting businesses (big and small), if the local grocer can't write off bulk purchases of potatoes on his taxes, his profit margin will get reduced drastically. Business get taxed on profit, not income and a lot of "businesses" are self-employed people. You'd be screwing them over if you implemented a flat income tax, a person may make a million dollars, but had to spend 900k to make that money. If you implement a 10% tax, the person will make precisely 0 that year.
So, policies that would help in the lower rungs also help encourage decieving accounting practices at the top.
3 thungs in life that is certain Death, Taxes and there will only be 21 million Bitcoin
But they still have to face death and they're miserable cokeheads.
FRONTLINE = the absolute BEST !! ❤
Very interesting...very well done.
Reporter was excellent...well chosen.
What's worse is not accountability for trillions laundered and never gotten back by our officials to hide their thefts while we the public pays on both ends!!!!
Amen!
Well whos fault is that?
@@DrQandtheGang yours if you voted for Joe the guy who votes your way for coin that's why he is in China's pocket
There is no evidence for that claim
This video is complete disinformation. There is no fed tax law that applies to 99.9% of Americans. Look up "Live free now" channel
..😊😅😮
No one would mind paying a portion of their earnings if the government spent the money well but it does not. The borrowing is out of control with close to $35 TRILLION in national debt. The interest payments alone are $1.5 trillion annually and going up.
Gov waste. One example is sending money to a foreign gov for gender studies, wait what ? Who voted for that and what do we get out of it ?
Managing money is different from accumulating wealth, and the lack of investment education in schools may explain why people struggle to maintain their financial gains. The examples you provided are relevant, and I personally benefited from the market crisis, as I embrace challenging times while others tend to avoid them. Well, at least my advisor does too, jokingly.
Investors should exercise caution with their exposure and exercise caution when considering new investments, particularly during periods of inflation. It is advisable to seek guidance from a professional or trusted advisor in order to navigate this recession and achieve potential high yields.
Through closely monitoring the performance of my portfolio, I have witnessed a remarkable growth of $483k in just the past two quarters. This experience has shed light on why experienced traders are able to generate substantial returns even in lesser-known markets. It is safe to say that this bold decision has been one of the most impactful choices I have made recently.
Margaret Johnson Arndt, my financial advisor, is widely recognized for her proficiency and expertise in the financial market. With a comprehensive knowledge of portfolio diversification, she is acknowledged as an authority in this field
Most people don't have "financial gains" though
Great video! ❤ Given its 19 years ago, is there any updated video in the works? Seems if one correlates the $80 Billion Investment in the IRS Congress sees levels of fraud far greater than in this video. (Great updated story to tell.) Curious to see “Tax Me If You Can II”, keep up the great videos! Thank You! ❤
Why would anyone want to give this government hard earned money when they can’t even balance the check book
America is obsolete, move to a better country.
The federal govt doesn't need to "balance the checkbook" because it issues and controls its own currency. Repeatedly equating a sovereign nation with its own currency to household finances is either Republican ignorance or lying. State govts--because they don't have their own currencies--need to "balance the checkbook."
The government is the only entity that can overspend on its budget and then say, "Give me more money" for reasons while everyone else is told to "Live in your means."
@@barrywhite1161 The federal govt is the only entity that controls its own currency, including how much of it is in circulation. Individuals can't do that, nor can state and local govts. That's why the idea of "living within its means" doesn't apply, at least not in the way it does to "everyone else."
The idea that we need to increase taxes to pay for govt spending is a myth; taxes don't fund the govt. For starters, the money we use to pay our taxes doesn't even exist until it's "created" by the federal govt. Look into it.
@@fretbuzz59 If the government were to fall, there would still be money. Governments functions by essentially taking a portion of everyone's money. So ye, taxes DO fund the government because money isn't something you can create out of thin air.
Greed. The final frontier.
When the sheep look up
This one needs to win Frontline PBS many awards! WELL done!!
In the words of the late Leona Helmsley, "only the little people pay taxes".
It's not how much you make, it's how much you get to keep.
That’s what me wife said when she left me
She said "you'll make it I'll take half"
The problem with these companies is the people in charge aren’t going to jail because the government instead take the money when it comes to penalties. SEND THESE CROOKS TO JAIL.
the US government is the most corrupt nation on the planet, our debt outpaces any other country and 2/3rds of said debt is entirely unaccounted for - gone, poof, no receipts or records - the entire system is broken and needs to be replaced
YEESSSS!
Bruh. Capitalism.
Hate to burst your bubble but guess who essentially writes the laws? Corporate Lobbyists. Who passes the laws? The stock holding politicians who receive campaign donations and dividends from these corps. Who enforces? The Treasury department whos budgets are dictated by the before mentioned politicians... not a capitalist thing about that. Thats true corruption! Its nonfunctional by design not coincidence.
Thank you for your comment. While I understand your frustration and desire for justice in cases where companies engage in illegal or unethical behavior, I would like to respectfully challenge you to provide specific evidence or examples to support your assertion that "the people in charge" of these companies are not being held accountable for their actions.
It's important to acknowledge that the legal system operates within a framework of due process and the presumption of innocence, and that decisions about pursuing criminal charges are based on a variety of factors, including the strength of the evidence and the discretion of law enforcement agencies and prosecutors.
If you have specific cases or examples in mind where you believe that "crooks" in charge of companies have not been held accountable for their actions, I would be interested in hearing more about them. However, making broad generalizations without supporting evidence can be counterproductive and potentially harmful to individuals or companies who may be innocent of wrongdoing.
Imagine a person or company trying to legally circumvent a disincentive (tax)? Absolutely unfathomable!
Imagine a hyper-complex tax code thats written by corporate lobbyists and passed my stockholding politicians that creates a whole new mass industry of law and accounting? Brilliant and efficient!
We need a current version of this original-2004 video!
This was aired in 2004, how bad is it now in 2023 😳
VERY.!!!!!!
I don't know if I really want to know.
Thanks for the insight
And they wonder why we gotta raise the debt ceiling every 3 and a half business days
Amazing
So I’m an accountant and the American people have no idea how messed up our tax system is and how many loopholes there are for businesses to take advantage of. It’s not illegal either. Well most of the stuff. Of course there are businesses and their accountants who lie on tax returns to limit tax liability. I’ve turned clients away because they ask me to lie or not report certain things. Plus, before I started my own firm I worked for multiple accountants and businesses during covid and the American people would be disgusted to know how many fraudulent PPP loans there were and how many of these loans were completely forgiven. I know for a fact because I filled out multiple PPP applications and I was told to lie on 6 of them from my previous employer so they could get more money. It got approved to and forgiven. I’ve talked to multiple accountants and they said they would lie on PPP applications for their clients and take a % of the amount they got for them. Then the tax code is written off to be nearly impossible to keep up with. When you have a law or code that’s longer than the Bible then you have a problem. And people just blame these corporations, which the majority of them should be paying more, but how about we think about the IRS. How are they supposed to know this entire tax code, process millions of returns, and try to catch frauds and cheats. They are people just like us. They can’t audit everyone. The system won’t change until the tax code gets completely revised and laws are made to make corporations pay more. It’s that simple.
Years ago in the 90s I read an article called " The Infantalization of America" the article caught me for some reason. The author basically argued that in the decades to come government and big capitalist were going to make things immensely complicated so that the average American would not be able to understand it or have to go through extremes to figure it out basically making infants that were dependent on government and corporations.
Speak the truth my friend!!😢
Yes, and we can change that by swinging to a far-left Dem president in a landslide, far-left/left dominated government, all levels, and expanding the judiciary, similar to 1932-1970’s. Far-left policies create the M class dream, fair and equitable economy for all, widespread prosperity, low income and wealth inequality, make the wealthy/corporations pay their fair share of taxes, clean up corruption, support labor unions, etc. We can do this again. We don’t have to allow the wealthy/corporations to exploit and steal from the M&L classes to the degree we have been during this gop dominated government and judiciary since 1980! It’s up to us to elect the right ppl and policies.
You are not lying. My ex husband who was in process of getting a visa to remain in the US lied to get $900k in PPP loans and all were forgiven. He kept this hidden from me until I filed for divorce and my attorney received the banking information. He wrote multiple checks by using my identity and stealing others’ names and addresses. I reported him to the local PD and was told no investigation would be done. I had to file that my identity was stolen. I filed reports with the SBA, the IRS, and even immigration. Not one agency has gotten back to me.
@@tranger4579 My teacher in trade school mentioned something similar it computer/network installer class when it came to those long contracts when you sign up and make an account on an app like Spotify, Playstation, RUclips, etc. He mentioned that majority of the language is made up and they just put it there so people would feel compelled to skip the reading and just click the box saying "I agree to the Terms of Service and Conditions" without knowing what they were truly agreeing to.
I will say that the fact the laws are made just like this(long and complicated that you practically have to study in school for 8 years to understand even 50% of the jargon) is very crooked and explains why "The People" can't do anything. If we don't understand all the nitty gritty details, then how are we going to articulately argue against a lot these bills that get passed. Bills nowadays are 1200 pages long. I cannot blame anyone who doesn't understand and trust that, yet, it gets passed anyways and the average citizen is then screwed.
Thank you for listening to my letter.
This is the best channel for documentaries
Where are the new episodes? All I get is old ones. Love Frontline!
It’s crazy to me why so many being interviewed seemed genuinly suprised businesses would pursue such accounting schemes. I am suprised they did not do it sooner. Absent the threat of jail or successful lawsuits, corporations will do whatever they can get away with to increase profits.
They will when we elect gop most of the time and give the gop control of the judiciary since 1980. The gop work for the wealthy/corporations, which creates an oligarchy. They r the most corrupt politicians we have. The wealthy/corporations didn’t get by with this during the far-left/left dominated government from 1932-1970’s. It’s based on who we elect and we have the numbers to change that!
Like leasing some German sewar pipes.
Not wanting to pay taxes is human nature. The only people who disagree are the ones who have nothing to tax and/or government employees.
yet they will audit a family making 50k a year and hit them with a 10,000 bill after all the fees and penalties.
Only if you haven't paid your taxes.
They audit homeless people.
@@RidingWithBidenNope, plenty of people have made small honest mistakes on their tax returns and have been bankrupted by the IRS.
Even if you have ZERO mistakes in your return you can still be bankrupted by the IRS if you can't afford to hire a tax attorney or CPA.
Now they set our IRS limits at $600 bucks what happened to the rich guys!
Numbers don’t lie!
Abuse? This is LEGAL. It is not abusive in the slightest.
Love the title. Tells you right away this is something criminal.
Taxation is always criminal because it’s theft.
Who will be held accountable for all of this in the end? Surely the common people.
ABSOLUTELY RIGHT!
Nope, you likely voted for big inflation, ultimate tax on normal people, just laugh.
Many of those common people staunchly support it and they're too dumb to realize it.
Taxation is theft
Democracy is a big joke
Corporation is perfect organization for criminals
God is not a dead white man
34:07 The same thing that happens to our retirement accounts. Fiduciary duty means nothing. With the fees being significantly less than the profit becomes a cost of doing business.
What a hit piece, avoiding the elephant in the room. It’s the system. The bureaucratic tax system let’s not even address what they do with our tax money.
The bureaucratic get bounces for taking your money.
I suggest everyone learn the same tips as those in the top as I have done. Open an Llc and work out of one. Use write offs and credits. It’s available to everyone. If you don’t have a business, convert your hobby into one. It doesn’t have to make money. It’s perfectly legal to log losses each year, just as corporations do 😊
The irs is overwhelmed? Really? Look how many individuals get audited.
They audit homeless people...
@@creamydistortionCan you cite your source?
They've been underfunded and understaffed for decades. That's why the to 10% never had to worry about an audit. They knew the IRS didn't have enough people to deal with their complicated returns.
Gov'ts should start offering commissions on frauds found that make it more lucrative than what the businesses pay.
that's a beautiful incentive
They do
IRS needs to leverage AI to detect fraud
A real eye opening documentary on how tax shelters have deprived the US government of tax revenues. I find it really absurd to leasing a foreign sewer system as part of a tax shelter scheme.
On principle alone any foreign leasing should be illegal, if the result can't be good/beneficial to U.S. taxpayers.
The biggest lie that has ever been told to the American people in the modern era is that we get our ability to fund government programs from our taxes. As a world power the only limit that the US government has in what it can do is the physical resources at its disposal. Ever wonder why all of that fear mongering about how much money we print goes nowhere?
I just did my taxes and, after working all year and having taxes taken from me, I had to pay an additional $100 in federal taxes. $100 doesn't seem like much, however, when you're working in this economy it's HUGE! It's food off my table and/or my electric bill (don't even get me started on that racket) It's ridiculous... Everything is more expensive EVERY MONTH, yet the rich keep getting richer and getting all the breaks. This country is going to shit.
It's a good thing that you have the freedom to leave.
I blame the tax and spend democrats
@@ChadwickTheChad Yes the head of a family of four with three minimum wage jobs has the same freedom of leaving the US with all his family as mush as an inmate on a desert island in the middle of the South Pacific.
Similar here. I paid $6000 in tax deductions last year. When I was doing my taxes I thought I would get t least half of it. Instead I ended up owing extra $500 dollars. This may not allot for most people but for me $6500 is allot of money. I make $17 hr and I work six days a week
i had to have extra taken out just to get some back.... paid in over 10k in fed, state and local on a 45k income....
Everybody spoke of record profits in the 90s. We're those records even real?
Stopped being real when they went off the gold standard.
I had a tech job interview in the KPMG office on K Street DC shown in the piece a few years before this Frontline episode was produced. I guess it’s a blessing the interviewer was unpleasant and dismissive of my qualifications. One brief interaction that informed my opinion of that firm for a lifetime. Meanwhile, the tax code continues to be a mess and successful but not rich people like me make up the revenue gap created by corporate tax avoidance by writing substantial checks to the IRS every April.
Hedrick Smith is in the top five of the best investigative reporters in the world, With Bill ORielly, Christian Amanpour, Frontline Australia, Dan Rather
Imagine if this money went to actual productive use and these people’s time were spent doing something to benefit society or doing nothing spending time with their kids instead of finding loopholes.
…just imagine!!!😅
Like Bidens wars.
@@churblefurbles …what wars? Selling arms and equipment to Ukraine is not us…going to war! I am not aware of any wars that we are part of? And I keep up…
This is what capitalism looks like. Why y’all mad?
@@churblefurbles pro putin ?
All I heard was "these companies aren't paying their taxes, so.... you pay it for them because we don't care about you, we just care that we get our money." Thugs.
They make their own rules and regulations in their favor. Always has been like that, it will always be. 😢
It would be nice to see a 20 year follow up
I remember Trump & Hillary at a debate telling Hillary she uses the same "tax loopholes" she accuses him of! But who uses more "tax loopholes", public or politics?
Umm, Trump paid zero tax in 11 of 15 years prior to being president and only had a few years he paid more than $1 million. In 2015, Clinton and her husband, Bill, claimed a total income of $10,745,378 in 2015, and paid federal taxes of $3,624,455. Trump paid ZERO in 2015
Anyone with money that can actually exploit them. Usually not W-2 recipients.
@@JimAllen-Persona Never W-2 recipients. They don't get to use deductions other than a few specific ones like child tax credits. If simple workers want a tax shelter they have to just refuse to pay them.
We should ask ourselves as citizens, all combined we pay state, federal income taxes, sales tax, property tax and auto registration…and more. Does the government need more of our money? Is the only answer to tax and take more? The government is not a good steward of our money. For most people this is over half of their income.
Reduce government. And government spending.
Taxation is theft
Democracy is a big joke
Corporation is perfect organization for criminals
God is not a dead white man
You can't deny two things - Death & Taxes but knowledgeble one can reduce its burden .
I've been to the trillion dollar financial center on grand cayman island. Every major bank has a beautiful building complete with receptionist, security guard and maintenance crew. Two hundred empty parking spaces surround each one of these businesses. There's nobody working in them. The entire Georgetown business center is only open when a cruise ship is anchored offshore. It closes when the ship sails.
Alot of people want to pay the least amount of taxes because the government is so wasteful.
And even more people want everyone to pay their fair share and get all of the good things that the government will be able to provide, like universal healthcare, free public colleges, good roads, additional Social Security benefits etc.
"government" is another word for "parasite"
@@kicunya12 Yes, those people who don't produce anything want someone else to pay for them.
@Harley Quinn please elaborate on your statement because it doesn't make much sense to me. Who are "those people"? Why do you think the government is a parasite? The government is not some kind of mysterious entity. It's what citizens collectively decide it to be. A way of pulling resources together for projects too big for individuals to achieve.
@@kicunya12 But they WONT and we all know that. It goes into the pockets of politicians and foreign governments, ect. All we will get are crumbs till the next election when we will be promised more, then given a few crumbs. Wash rinse repeat until we are all out of money at witch time all will be just serfs of the global elite. In fact we are already there, most just dont know that yet, the mask is starting to fall off, CBDC
The youth must not go unpunished for their involvement in this!
This is literally what Bernie Sanders was talking about!
It's going on all the time and it's why a small business will either get eaten by companies with large buyouts, or will struggle because it follows the rules and no one else does