Another infuriating detail about the college admissions scandal: the alleged bribes were tax deductible
One of the more stunning aspects of the college admissions scandal unearthed this week is that the alleged bribes to secure spots at elite schools for children of wealth were tax deductible. That means American taxpayers may have helped foot the bill for the alleged scam.
The wealthy parents include actresses Felicity Huffman and Lori Loughlin and financial titans Bill McGlashan of TPG Growth, a private-equity and venture-capital firm, and former Pimco PTTRX, +0.00% CEO Doug Hodge. They allegedly paid college counselor William “Rick” Singer to secure their children spots at elite schools. They made the payments in the form of donations to the Key Worldwide Foundation, a nonprofit that Singer started in 2014 in Newport Beach, Calif.
The IRS is investigating the case, said IRS special agent Amy Hosney, a spokeswoman for the Boston field office for IRS criminal investigation. “We’re looking closely at the purported charitable donations that were made to [Key Worldwide Foundation] and the letters that were issued to the donors stating no goods or services were received for the donations,” Hosney said. “That really is the crux of it.
See: The $25 million parents spent on bribes could pay for over 3,000 students to attend community college for free ‘They saw philanthropy as a weak space’ The wealthy parents charged in the scheme seemed to assume they wouldn’t get caught as long as their payments were disguised as contributions to a charity, and that worries Hackney, the Pitt professor. It seems to indicate a perception that charities aren’t closely scrutinized, and that the wealthy can use them to do their bidding, he said.
इंडिया ताज़ा खबर, इंडिया मुख्य बातें
Similar News:आप इससे मिलती-जुलती खबरें भी पढ़ सकते हैं जिन्हें हमने अन्य समाचार स्रोतों से एकत्र किया है।
Verizon launches 5G in Chicago, Minneapolis at $10 extra costVerizon Communications Inc beat rivals AT&T and Sprint in the race to launch the...
और पढो »
43 Things Under $10 That'll Kill You With CutenessA rainbow bath bomb, scuba diving tea steeper, propeller hat for pets, and 41 other products that seem far too wholesome to be a thing in 2019.
और पढो »
Worst start to year for equity flows since 2008: BAMLA $10 billion wipeout over the last week has compounded the worst start to a yea...
और पढो »
35 Incredibly Useful Things That Are All Under $10First thing they'll do: save you lots and lots of moolah.
और पढो »
Analysis | Where will Le’Veon Bell, Nick Foles and other NFL free agents sign? Here are 10 predictions.Analysis: Where will Le’Veon Bell, Nick Foles and other NFL free agents sign? Here are 10 predictions.
और पढो »
Uber-For-Planes Startup BlackBird Raises $10 Million To Replace Road Trips With Flying PrivateUber-for-planes startup BlackBird raises $10 million to replace road trips with flying private by bizcarson
और पढो »
Uber-For-Planes Startup BlackBird Raises $10 Million To Replace Road Trips With Flying PrivateBlackBird wants to make flying in a private plane a cheap alternative to driving.
और पढो »
Verizon will soon offer 5G in select cities for $10 extraVerizon will start offering 5G service in parts of Chicago and Minneapolis on April 11, it announced in a statement on Wednesday.
और पढो »
How Much Does 5G Cost? Verizon Says $10 Extra Per MonthVerizon will charge an additional $10 a month for subscribers who want to add 5G speeds to their phones, the first major U.S. carrier to disclose pricing for the faster service. It will first offer 5G in Chicago and Minneapolis in April.
और पढो »