TAXES: The Big Jolt

The Bureau of Internal Revenue was so polite about the new gambling tax. So friendly. No television cameras. No lawyers. No subpoenas. It just wanted bookies to I) fill out form 11-C, giving their real names, their addresses and the names of their partners and employees, 2) buy a $50 federal tax stamp which, in effect, would label them as professional gamblers, and 3) turn over 10% of their gross business to the Government.

Experts estimated that the new tax, if paid, would bring in $400 million. From the way things looked last...

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