Original @ Daily Kos
teabagger [noun], [definition]
A whining fool shouting loudly for liberty but not willing to pay the bill.
- Urban Dictionary
The New York Senate race was a lot more fun when we still had Harold Ford to kick around. Today, unfortunately, we have to make do with reactionary dick Joe DioGuardi, going up against Netroots All-Star Kirsten Gillibrand.
But as it turns out, republic/tea party candidate Joe has a lot of potential for would-be mockers. Like all of his ilk, Joe is a big tax-cutter. What we're learning now is that he made his own tax cut by simply not paying them.
Regrettably, the Internal Revenue Service doesn't really like that. |
Via Capitol Tonight, quoting The Associated Press:
"In 1978, DioGuardi was a partner in Daga Financial Co., which bought and sold options and futures on stocks and securities, according to court papers. On their joint tax return for that year, DioGuardi and his wife reported a loss of $ 112,453 from Joseph DioGuardi's 24.4 percent share of Daga, according to the records."
"So even though DioGuardi had earned more than $ 124,000 as an accountant that year, he and his wife claimed taxable income of $ 9,323, the records show. But the IRS said Daga's 1978 losses could not be deducted because 'the entire transaction lacked economic reality.'" [Emph. added]
The IRS determined the former congressman "engaged in 'commodity straddles' to reduce partners' income taxes by appearing to lose money." DioGuardi was ordered by the IRS to pay more than $50,000 in income taxes for 1978. In November 1990, he agreed to pay $20,468 worth of back taxes.
That's teanomics in a nutshell, isn't it? Starve the beast by not paying taxes - or, to be fair, by constructing a weaselly tax shelter that the IRS describes as 'lacking economic reality'.
But wait, there's more.
The thing is that Mr. DioGuardi made his living after leaving Congress in two ways, one of which is pertinent here: first, as a lobbyist, and second, as a Certified Public Accountant. The kind of professional you hire to make sure your tax filings are accurate.
And today, he is President of a shadowy rightwing group calling itself Truth in Government. Their mission is:
to strengthen our country's financial foundation by promoting accountability and transparency in Congressional spending and reporting. [Emph. added]
Truth in tax returns is apparently not part of their mission.
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The general election is Tuesday, November 2nd. New York State voters can find their polling place here, New York City voters here.
On the web: Kirsten Gillibrand for Senate
On Daily Kos: Kirsten Gillibrand |
