Mar 29, 2010
Frank and Jamie McCourt, the owners of the Los Angeles Dodgers as well as large commercial real estate holdings, admitted to earning 108 million dollars from 2004 through 2009. Yet, they paid absolutely no federal and state taxes.
And it was all perfectly legal. The McCourts’ high priced accountants and lawyers simply took advantage of the myriad tax breaks available to wealthy business owners – most of which we never hear about. But because the McCourts are involved in a messy divorce, their tax documents were filed with the court.
These tax breaks helped subsidize the McCourts’ fabulous lifestyle. It helped them pay for eight houses, including four in exclusive Holmby Hills and Malibu. They also used the business and the tax breaks to pay for meals in the most expensive restaurants, floral arrangements for home and office, country club dues, personal travel on the Dodgers plane, etc. As Jamie McCourt explained in an e-mail to the Los Angeles Times, “Why have a family business but to support the family life style?”
No, tax breaks for the wealthy don’t “encourage” investment and the growth of jobs. They are just used to fatten the bank accounts of the wealthiest even more.