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Friday, January 02, 2009

 

How do so many politicians get rich?

Politicians have salaries that are higher than average, but not THAT high.

A Senator’s salary is $169,300 and a member of the House of Representatives earns the same. That’s a good income but not enough to become ultra-wealthy.

So …

I've always wondered how Lyndon Johnson became a millionaire while earning for a lifetime a modest federal salary.

How did Nick Mavroules, who became a Congressman in 1978, avoid detection for so long? He pleaded guilty in 1993 to bribery and racketeering charges.

How come Rep. Charlie Rangel (NY) owns so much property in New York and an expensive villa in the Dominican Republic? -- all of this on a representative's salary.

And isn't that Governor of Illinois, Rod Blagojevich (From Transylvania??), something else? It appears he's tried to, among other things, sell Obama's vacant senate seat for $250 thousand. Do you believe for a minute this is the first time this guy has reached for a shady buck?

You must have your own pet peeves about many politicians who after a lifetime of moderate income retire to a posh life style, or about locals who stuff bribes into their underwear. If so, join me in my hope, and support my plan for relief.

It's called the net worth test, an internal revenue gimmick invented to convict Al Capone, the famous prohibition gangster.

The feds wanted Al for many reasons, but all attempts to nab him failed -- he was cleverly cautious about his criminal dealings. But he lived big, much bigger than his reported income suggested he could afford.

So some bright guy invented the net worth test, and it became law. Under its provisions, agents could examine all aspects of Capone's lifestyle, compute the income needed to support it, and compare the answer with his reported income.

Bingo! They had big Al on income tax evasion and locked him up.


Of course that works for gangsters. Would the cops have the guts to apply this to the guys that write the laws?

Didn’t think so.

Welcome Reddit readers, HERE's something you may enjoy. Or THIS.

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