The Betrayal of the American Dream by Donald L. Barlett & James B. Steele

Author:Donald L. Barlett & James B. Steele
Language: eng
Format: mobi, epub
Tags: Social Science, economics, 21st Century, Social Classes, United States, Comparative, Economic Conditions, Political Science, Economic Policy, Public Policy, History, Business & Economics, Economic History
ISBN: 9781586489700
Publisher: PublicAffairs
Published: 2012-07-15T07:12:38+00:00

Even better for Arison and his family was yet another provision in the SEC public offering document that said: “The company intends to distribute dividends to all shareholders in at least such amounts as are necessary to enable the principal shareholders to pay the income taxes imposed on them with respect to those earnings.”

Translation: whatever taxes Arison or his family incurred would be covered by a payment to them from the Carnival Corporation.

Imagine such a deal: when you receive your W-2 from your employer next January, ask if the company would write you a check to cover the taxes withheld from your paycheck! This perk, of course, doesn’t exist for 99 percent of us.

Ted Arison renounced his U.S. citizenship in 1990 to further insulate himself personally from the U.S. income tax, and he returned to Israel. Years earlier, his son Micky, a fixture in Miami, had assumed day-to-day control of the business empire, which also includes the Miami Heat, the National Basketball Association team. The elder Arison died in 1999. Son Micky and daughter Shari inherited their father’s tax freebies, meaning a second generation of the Arison family continues to enjoy the benefits of a company that pays only token taxes, thanks to a beneficent Congress.

Along the way, Micky and Shari also secured their very own slots on Forbes magazine’s global list of billionaires. For 2012, the total is drawn from fifty-eight countries. He is number 223. She is number 288.

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