Ferrari Mailing List: Re: Fwd: How Chickens*t Is The IRS?

[red5hilser (red5hilser]

Hey Dennis: You're right, he should have saved his earnings before the war. But 
what chance does a poor young black kid from Detroit have of setting aside a 
'nest-egg' when he had?less than a high school education and is managed by a 
sleeze ball and an even more sleezy promoter, both in it only for the money? 
And you're right again. Joe's middle name was Louis. His real last name was 
Barrow.

Yer pal, Ferrari Bubba

-----Original Message-----
From: Dennis Liu bigheaddennis [at] gmail.com
Subject: RE: [Ferrari] Fwd: How Chickens*t Is The IRS?



Willi wrote:

>I watched?the Bud Greenspan documentary' "Kings of the Ring: The
Heavyweight Champions' on Sundance today.?Bud brought up the story of Joe
Lewis and how he was shafted by the IRS during WW2. After Pearl Harbor, Joe
enlisted in the U.S. Army as a private. Not like most of the 'fairy'
Hollywood types who went in a captians, majors, etc. and never left
Hollywood.?In his off-duty time he held boxing exhibitions to help raise
money for our fighting men. Although he donated every dime of the money to
the War Relief Fund, the IRS said it was 'taxable income' and took what
money he had saved during his career before the war. Joe ended up penniless
as a greeter for some casino in Las Vegas before dying broke. Later, my 1st
wife and I were in a joint in 'Vegas one night and met Sonny Liston, working
the same kind of gig. The 'Little Lady' went over to him and asked, "Hey,
mister, aren't you Mohammed Ali?" Sonny took a long, hard look at her and
said, "lady, where's your husband, I want to knock him out" as I slowly
backed away, complimentary drink in hand.. Knowing Greenspan's rep as a
stright shooter and our beloved government, I believe it's a true story.

=================

Dunno what Bud Greenspan said or didn't say on his documentary.  But, as
Paul Harvey would say, "for the rest of the story...."


Joe Louis (*not* "Lewis") is, by any measure, a true American hero.

But let's get the rest of the facts straight:

The IRS went after him NOT because he owed taxes on the purses he would have
earned in the exhibition matches during the war.  Rather, the IRS wanted to
collect taxes on the money that Joe *did* earn and keep for fights BEFORE
the war started.

He didn't pay what was due.  That debt grew, and accrued interest.  Louis
tried to *deduct* the prizes he donated during the war, but tax law did not
(and does not) work that way.

http://www.mackinac.org/article.aspx?ID=22

Lastly, don't forget, as much as the IRS has policies in place that are
insane and terrible, the underlying problem is the TAX LAW created by
CONGRESS and signed by the PRESIDENT.  And all the money goes into the US
TREASURY, which pays for soldiers salaries and Willi's social security
benefits (and $700 toilets and health care for illegal immigrants too).

If you want to bitch about Joe Louis' treatment, take it out on either his
accountants or on FDR for enacting the New Deal with its punitive tax rates
on the "rich".

Vty,

--Dennis



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