President Richard Nixon of the United States has agreed to pay 432,787 dollars (188,000 sterling) in back income taxes, nearly half his estimated personal wealth.
SVs books being distributed to newsmen (4 shots)
CU Books tax report
SCU Books being handed out
GV EXTERIOR National Archives (2 shots)
Initials AE/22.48 AE/23.01
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Background: President Richard Nixon of the United States has agreed to pay 432,787 dollars (188,000 sterling) in back income taxes, nearly half his estimated personal wealth.
The President's agreement came only hours after a joint congressional committee received a staff report recommending that Mr. Nixon pay 476,431 dollars (230,000 sterling) in income taxes and interest for 1969 and 1970. The major reason for his tax debt is the disallowance of a controversial income tax deduction of 576,000 dollars (250,000 sterling), claimed by President Nixon for personal papers donated to the National Archives. Both the Internal Revenue Service and the Congressional Committee rule the deduction improper. However, in the 700-page document published on the President's tax status, the Internal Revenue Service exonerated Mr. Nixon of all suspicion of fraud, and the joint committee offered no evidence to suggest that he had tried to deceive tax authorities.
Following the release of the Investigation Committee document to newsmen, White House officials said any errors in Mr. Nixon's tax returns were made by those to whom he had delegated the responsibility for preparing returns and were made without the President's knowledge or approval. President Nixon's total wealth has been estimated at 988,000 dollars (425,000 sterling) but most of this is in property. White House officials say President Nixon may have to take out a loan to pay the back taxes bill.
SYNOPSIS: A 700-page document published by a Joint Congressional Committee in Washington has cost President Richard Nixon of the United States more than 432,000 dollars in back taxes. Only hours after the report was made public, President Nixon agreed to pay the taxes and interest dating back from 1969 and 1970. However, the report exonerated Mr. Nixon of all suspicion of fraud, or truing to deceive tax authorities.
Following the release of the document, White House officials said any errors in President Nixon's tax returns were made by those delegated the responsibility.
The major reason for the tax debt was the disallowance of a deduction of 576,000 dollars claimed by the President for personal papers donated to the Nationa Archives. President Nixon may have to take out a loan to pay the debt, estimated at half his personal wealth.