User Panel
User Panel
User Panel
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Posted: 11/22/2011 7:24:33 AM EDT
[#1]
You have to report all income even you made it from stealing or dealing. Gov't hates competition, yo.
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Posted: 11/22/2011 7:25:52 AM EDT
[#2]
If it pushes the thief into a higher marginal rate, then yes. A million in income certainly puts him in the top bracket.
-Sven ETA: It would also matter over how many years, an how much per year, the funds were taken. A million in one year would place him in the top bracket. |
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Posted: 11/22/2011 7:27:03 AM EDT
[#3]
Tax evasion was the only thing they could ever get against Al Capone.
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Posted: 11/22/2011 7:37:08 AM EDT
[#4]
Over 8 years, an average of $125k a year. 3.5 year sentence. If not for the restitution, doesn't sound like a bad deal
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Posted: 11/22/2011 7:38:43 AM EDT
[#5]
No, same rate as non-stolen income.
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Posted: 11/22/2011 9:38:44 AM EDT
[#6]
Quoted:
http://news.yahoo.com/woman-jailed-stealing-1-million-mark-twain-house-042715136.html (Reuters) - A former employee of author Mark Twain's historic Connecticut home who admitted to embezzling more than $1 million from it in a long-running scheme was sentenced on Monday to 3-1/2 years in prison and ordered to pay restitution of and taxes on the stolen funds. Why would you have to pay taxes on stolen funds if you are paying them back it isn't income?????/ |
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Posted: 11/22/2011 9:40:33 AM EDT
[#7]
Quoted:
You have to report all income even you made it from stealing or dealing. Gov't hates competition, yo. Or as Twain would have said, Congress is America's only native criminal class. |
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Posted: 11/22/2011 9:40:59 AM EDT
[#8]
No, but depending on the racket you get different deductions.
You cant deduct bribes as a business expense. If you sell drugs, you cant deduct cost of goods sold. |
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