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Money earned from illegal activities is taxable income
Vicki Decker
Dec. 18, 2011 2:35 pm
James v. the United States (1961) was a ruling by the U.S. Supreme Court that held money earned from illegal activities is taxable income and shall be reported to the Internal Revenue Service. The illegal money comes from embezzlement, theft, prostitution, drug trafficking, child pornography, etc.
A question for Congress. Will they support a tax increase on money earned from illegal activities to help decrease the United States debt?
Michael Molacek
Cedar Rapids
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