NBC Evening News for Wednesday, Mar 08, 1978
View other clips in this broadcast →
Material supplied by VTNA may be used for educational analysis or research only. Any editing, reproduction, publication, rebroadcast, public showing or public display may be prohibited by copyright laws. For any such use, please visit NBC NEWS Archives XPRESS.
(Studio) Report is on no-name bonds, which present temptation to People to break tax laws.
REPORTER: John Chancellor
(DC) Details given of new banking Practice of bonds on which bank reports nothing. Representative Benjamin Rosenthal's Planned hearings into Practice noted. [ROSENTHAL - cites newspaper ads which he claims all but state openly that these bonds aren't reported to IRS (Internal Revenue Service) and buyer doesn't have to Pay taxes on them.] View of Columbus, Ohio's, City National Bank President John McCoy reported [McCOY - describes Privacy many customers like. Says IRS (Internal Revenue Service) has ways to find out about person's finances if they think person is cheating on taxes.] Pennsylvania's outlawing of no-name bonds reported [State banking secretary William WHITESELL - thinks many purchasers see these bonds as way to dodge tax payment.] Possible actions by government noted. Comment of tax expert re: people trying to hide incomes in Monaco or Switzerland cited.
REPORTER: Carl Stern
Note to sponsor members: The Vanderbilt Television News Archive video player requires a modern operating system and browser to work properly. If you are experiencing playback problems, check the minimum requirements and adjust your setup accordingly. After adjustments, if you continue to experience problems, please contact us.
Welcome! Above is the abstract of the item that you're interested in viewing from the Vanderbilt Television News Archive's collection. You have three options if you'd like to view this item:
If you believe that you are associated with a sponsoring college or university and have received this message in error, please let us know.