The IRS has collected more than $3.2 billion, mainly from wealthy people, in its most ambitious effort ever to crack down on improper tax shelters, the agency said Thursday.
There's been "some real pain" among the 1,165 taxpayers who are participating in the "Son of Boss" tax shelter settlement, IRS Commissioner Mark Everson said at a news conference. "Some people have had to sell their villas and yachts" to come up with the money.
Former General Electric Co. Chief Executive Jack Welch says the lavish perks he received in retirement were legitimate but admits in an upcoming television interview that they made him appear greedy.
Amid a wave of corporate scandals, details of Welch's perks emerged in court papers during his 2002 divorce from his wife of 13 years, Jane Beasley. He received millions of dollars in benefits, including unlimited personal use of GE's planes, office space and financial services.
After the perks became public, Welch reimbursed the company for many of them and now pays for use of aircraft and other services.
According to a transcript of a 60 Minutes Wednesday interview with Dan Rather, Welch says he faced a dilemma when the perks sparked controversy.
"I got two choices. Give the money back, renounce the perk. Then, if I do that, I look like I did something wrong, like I shouldn't have had it," Welch said. "Or keep the perk; then I look like a greedy pig."
Free advice, Jack: There was no value to the shareholder in all that boodle GE gave you as a going-away present. That was the reason you should have given them when you turned most of it down. Then you wouldn't have had that choice. Sadly, only someone with a functioning moral core would have realized that. Next time, hire someone like that to accompany you. It'll save you a lot of trouble later on.Posted by Charles Kuffner on March 26, 2005 to National news | TrackBack