As you can see from above, trust affects speed and cost. When trust goes down, the speed will go down and the cost will go up. It’s a “tax”. When the trust goes up the speed goes up with it, and the cost comes down. That is a “dividend”. High trust organisations have been shown to outperform low trust organisations by more than 280% (on total return to shareholders). High trust offers a multiplier of 3x performance.
Ms. Amos was a highly successful tax practitioner, a CPA, who had decades of high-level business experience. On her 2014 and 2015 returns she reported about $100,000 of IRA income against which she claimed over $4 million of net operating losses (NOLs) that dated back to 1999. While she could produce her 1999 tax returns showing the NOLs, she could not produce the underlying records substantiating what she had then reported, causing Judge Urda to write:
“It beggars belief that she would be unaware...[of] her responsibility to demonstrate her entitlement to the deductions she claimed.” Op. at 11. Details below the fold.
FTX balance sheet, revealed FTAlphaville ZOMG!!! This isn’t a balance sheet, it’s a napkin doodle. Your pet store has more entires on its balance sheet.
FTX’s Balance Sheet Was Bad Matt Levine, Bloomberg
It really does feel that the government has paid too little attention to this issue for far too long, as remains true of the tax gap about which I have been writing for longer than most people given that the issue was virtually unknown in the UK when I first published a report on it, way back in 2006.
Consider a mining town. Once upon a time there was a mine, and the mine was the largest employer in the town. They mined copper ore and sold it on the global market. This brought money into the town, which sprouted a restaurant, real estate broker, doctor’s office, and church.
Although those people weren’t employed by the mine, they got enough customers from the miners, who fundamentally got money from outside the town.But eventually the mine dried up. The miners lost their jobs, since the town was no longer bringing in enough money to pay them. The doctor, realtor, and waiter were still employed, as their “mines” didn’t dry up.
But they did, as they were really just mining the miners. The town persisted for a bit, passing the same money around in a circle. But with each pass, there was a transaction fee. And there were still things like food, which needed to be imported into the town.The town went broke, died, and became a ghost town.
D.C. Council Is Set To Overhaul The Entire Criminal Codedcist: “Here’s Everything You Need To Know – Later today the D.C. Council is set to cast a final vote on a monumental piece of legislation, a 450-page bill that would completely overhaul the city’s criminal laws. The full rewrite has been more than a decade in the making, spurred by the simple reality that D.C.’s criminal code was first written by Congress 120 years ago and only updated in piecemeal fashion since. For a project of this magnitude, there’s some surprising consensus. Just about everyone involved says the overhaul needed to happen, and people and groups on opposite sides of the criminal justice system say they generally agree with 95% of it.
The full rewrite dangerously decreases penalties for some violent offenses and unwisely expands the right to a jury trial and ability for convicts to request sentence reductions. Defense attorneys and criminal justice reformers, though, say those changes stem from extensive research as well as a practical understanding of how judges are currently sentencing people. Last-minute changes are expected to be debated ahead of Tuesday’s final vote, though it remains likely that lawmakers will ultimately approve the overhaul. (They unanimously did so during an initial vote earlier this month.) Still, Mayor Muriel Bowser has been particularly critical of certain provisions and says she’ll consider wielding her veto pen, and the entire measure will then have to survive a 60-day congressional review period — under a likely GOP-led House. Here’s everything you need to know about the overhaul and the debate around it…”