Monday, July 6, 2015
VEBA PLANS USED TO UNLAWFULLY PROTECT INCOME FROM FEDERAL TAXATION
Thus, the core purpose and effect of the the participation in a Sea NineVeba Plan is to provide participants with a mechanism to accumulate wealth for their personal benefit, unlawfully protecting that income from federal taxation by treating it as a welfare benefit when it was that in name only. Sea NineVEBA participating employees were able to deduct the entirety of their substantial contributions- and then realize the complete benefit of those contributions later when they left the VEBA. Even though the Defendants purport that their VEBA plans conforms to the Tax Code, in substance they do not at all- a fact of which the Defendendants are well aware.