Secretary of the Treasury John Snow Evaded $10 milllion in Income Taxes

[angel eyes]

In 2000, CSX Corp. forgave Treasury Secretary John Snow a $24.5-million loan.

This is a taxable transaction.

Treasury Secretary John Snow did not report the debt forgiveness to the IRS, nor did he pay any taxes on the debt forgiveness.

The amount of Secretary Snow’s tax evasion is over $10,000,000.

[Don_G]

1. History Repeats Itself

I recall Maureen Regan, SecTreas under Regan, being convicted of Income Tax evasion herself.

[ThorsteinVeblen]

2. Link.

[gristy]

3. Yes, link please.

I have searched. I can find nothing on what you are claiming.

[cosmicdot]

4. CSX did forgive the loan - that part is google-able

http://www.google.com/search?hl=en&ie=UTF-8&oe=UTF-8&q=CSX+Corp.+forgave+Treasury+Secretary+John+Snow+a+%2424.5-million+loan


Snow was good at CSX not paying taxes.
http://www.google.com/search?hl=en&lr=&ie=UTF-8&oe=UTF-8&q=Treasury+Secretary+John+Snow+tax+evasion

[rapier]

5. notes on pigmen

The more important point, perhaps, is why the man needed or even got a $24 million dollar 'loan'.

As these things go they are not loans. It is understood by all parties that the 'loan' is never to be repaid. It is a form of compensation. I suppose a stinking railroad can't play the options game because their stocks are so moribund usually, so they resorted to the phoney loan thing.

This is a tiny part of the wealth transfer mechanism that is so successfully destroying capitalism, the markets and democracy. The wealth flows to the top. The bottom are left with the bills. Snow joins the government as a top line player as a reward for his theft. Bizzarely, CSX stockholders, who were ripped off for the $24 million are probably happy for the most part.

and oh yea, the IRS looks the other way. After all, it's practially a moral obligation for such wealthy pig men to cheat on taxes.