Historical Tidbits Archives – Page 36 of 59

April 23, 2021April 24, 2021

T is for Taxes

1. True or False: Some parts of the world tax cow flatulence.

Nobody likes to pay taxes. Everybody hates tax collectors. In ancient Sumeria (as I noted in letter “C”), they had to press the taxes inside clay balls because they were “tampered” with, presumably by the tax collectors. Nowadays, the tax collectors–the IRS–has safeguards on top of security measures surrounding robust defenses against tampering. That’s a good thing for us. You might want to be more sympathetic towards the IRS. They’re safeguarding our money.

It’s True, cows are taxed extra in EU countries like Denmark and Ireland because their “expulsion” of methane gases are a significant contributor (some 18%) of greenhouses gases. Strange tax practices in history are a fascinating topic I covered before, in Tax the Peasants with this One Weird Trick!

Today, I’ll share a few fun facts about taxes in my annual post reminding you that the Volunteer Income Tax Assistance program might be able to do your taxes for you, for free.

April 22, 2021April 23, 2021

S is for Sarbanes-Oxley

Remember the Robber Barons from 11th grade U.S. History? They’re still here. Drawing by Udo Keppler, on Wikipedia.

Sarbox! Sounds like a science fiction warrior–Sarbox looked across the valley of mutants and gripped his tekbar laser sword tightly, ready to lead his small band against the scourge of Junoian invaders…

Sarbox! Is it a new prescription drug? Reduces eczema and weakened spine. May cause dizziness, drowsiness, and uncontrollable twitching.

The Sarbanes-Oxley Act of 2002, enacted in the wake of a series of massive corporate scandals, mandated improvement in corporate governance for publicly-held companies. It required improved internal controls, enhanced financial disclosures, independent auditors, and stiffer penalties for violations. Public corporations hated it, especially the ones who were fiddling their books.

April 13, 2021April 13, 2021

K is for Kiting

Anyone remember E.F. Hutton?

From E. F. Hutton 1980s ad, “When Hutton talks…” Photo from The Retrosite.com.

The brokerage company was famous for a 1980s ad campaign, “When E.F. Hutton talks… people listen.” E.F. Hutton became famous for something else. It was complicated, it was company-wide, and it went on for three years, until they were found guilty of thousands of counts of fraud involving millions of dollars.

The fraud was for kiting.

A Special Type of Fraud

Check kiting is a type of bank fraud that occurs because banks and merchants extend credit on customer checks, when they don’t know whether the customer has enough funds in the other bank. Criminals could open two bank accounts, then write checks between them, covering each bad check with another bad check.