Lew – I may be able to one-up you in terms of a story about being mugged by the gang of thieves writ large. William Davidson passed on in 2009 with a net worth of $3 billion. He is the founder of Detroit-based Guardian Industries, and he owned the Detroit Pistons, the Detroit Shock (WNBA), and the Tampa Bay Lightening. I’ll quote from this Detroit Free Press article:
IRS lawyers are defending a tax bill of more than $2 billion sent to the estate of the late William Davidson, reiterating claims that the former Pistons owner and industrialist didn’t properly account for huge gifts to family members and the value of stocks put in trust for his heirs.
In a 46-page filing made public in U.S. Tax Court in Washington, D.C., on Wednesday, lawyers for the Internal Revenue Service answered the estate representatives’ arguments filed in June saying the tax bill — $2.8 billion in all — was wildly inflated and that, despite a huge IRS notice of deficiency, the estate didn’t owe anything more.
So here we have one of the most egregious and totalitarian scams of all that taxes the transfer of wealth and the gifting of assets. And because this is a form of legalized theft that society has come to accept, and even applaud, an entire family will likely be left with very little of this man’s legacy and lifetime of service to humanity. Reading into the nuts and bolts of this story really puts into perspective how enslaved we all are to one government and its web of omnipotent power, plundering, and deceit.12:14 pm on September 19, 2013 Email Karen De Coster