Patricia Callahan, James Bandler, Justin Elliott, Doris Burke and Jeff Ernsthausen have published their article “The Great Inheritors: How Three Families Shielded Their Fortune from Taxes for Generations”. The abstract is as follows:
President Franklin D. Roosevelt pounded on his desk and swore.
His treasury secretary had handed him a series of memos detailing the many ways the wealthy were avoiding taxes. Enraged by a rich businessman’s schemes, Roosevelt asked his treasury secretary to publicly denounce the man as a “son of a bitch.”
Roosevelt, himself an heir, earlier had warned that “economic royalists” had “carved dynasties” off the backs of America’s working men and women. Now he saw a chance to address the unfairness in the nation’s tax system.
“The time has come when we have to fight back, and the only way to fight back is to begin to name names of these very wealthy individuals,” Roosevelt told the treasury secretary, who detailed the May 1937 scene in his diary.
To see the full article, click: “The Great Inheritors: How Three Families Shielded Their Fortune from Taxes for Generations”
Posted by Marin Larkin, Associate Editor, Wealth Strategies Journal.