Jack Lew's Scheme is A Tax, Tax and Double Tax Evasion...
Posted in the Banking Forum
#1 Oct 6, 2013
Let us be frank: The Jack Lew's $ 1.6 m loan from Citibank w/o collateral is a Super Scheme and a truly ingenious Way to evade paying Tax...What a sweet transfer of Tax Free Fund ($ 1.6 m) from Citibank to An individual!!!
1) Since it was structured as A Loan, no Tax payable to IRS;
2) Citibank is also making deductions from its earning to reduce the Tax payable to IRS..
So, I call it A Double Tax Evasion...The only pitfall if there is one: What is the Term of this $ 1.6 m Loan to Jack Lew w/o Collateral?; Will Jack Lew ever have to make repayment at all?; and At What Interest Rate??
All the above questions can only be answered in 2014 at the earliest when the House Judiciary Committee decides to hold the hearing on ethics of certain government officials in their personal financial dealings w/ Big Banks - Let us hope Jack Lew is the only Alleged!!!
Let us bear witness to An Alleged Double Tax Evasion in the making!!!
#2 Oct 6, 2013
If Citibank declares that it was a Bad Loan...Still, jack Lew has to pay Tax to IRS or face the consequence!!!
There is no Ifs and Buts!!!
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