From the course: Finance Foundations: Income Taxes
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What is tax planning?
From the course: Finance Foundations: Income Taxes
What is tax planning?
- Okay, now we're going to talk about tax planning. Let's begin with a quote. This is from US Judge Learned Hand in 1947. "Over and over again, Over and over again courts have said "courts have said that there is nothing sinister that there is nothing sinisterin so arranging one's affairs "in so arranging one's affairs "as to keep taxes as low as possible. as to keep taxes as low as possible. "Everybody does it, rich or poor, and all do right, Everybody does it, richor poor, and all do right, "for nobody owes any public duty for nobody owes any public duty "to pay more than the law demands: to pay more than the law demands. "taxes are enforced exactions, not voluntary contributions." Taxes are enforced exactions,not voluntary contributions. Here's another quote, this one from Supreme Court Justice John Marshall Harlan II in 1965. "The tax law exists as an economic reality "in the businessman's world, in the businessman's world, "much like the existence of a competitor. much like the…
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