Quote:
Originally Posted by secondcurve
The point is that many, although not all, cash businesses are set up that way to avoid paying taxes. The reason this happens is there isn't a third party verification system like the W2 that is issued by most larger companies. When there isn't third party verification tax evasion soars and the folks who are paid via W2 wind up carrying the tax burden in the country. I chuckle every time I hear people complaining about the employees at Bain, the large banks such as JPM, etc. not paying there fair share of taxes. The fact is these employees are soaked in taxes.
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You know this from personal experience?