Unpaid Taxes

One wonders how much the Government of Canada could recover by offering an amnesty to tax evaders who come forward and pay up, followed by a serious effort to identify and prosecute those who do not.

The Times December 30, 2006

Mystery billionaire pays $200m in back tax – and keeps a state afloat

$200m should help the California governor feel a bit better (AP)

Feeling nervous about your end-of-year tax bill? Already suffering from bouts of loathing towards Her Majesty’s Revenue & Customs?

If the answer to either of these questions is yes, then consolation can be found in California, where a mysterious “Taxpayer X” has just come clean about his income and handed over $200 million in unpaid taxes — almost single-handedly eliminating the revenue shortfall of the state.

The tax payment is so large that it would pay the annual budget of California’s National Guard three times over. And it will close the gap between the state’s projected and actual revenues from $250 million to $47 million. This will put the finances of Arnold Schwarzenegger, the State Governor, back on track — a New Year gift to compensate perhaps for the leg that he broke while skiing during the holidays.

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