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chapter one outdated tax laws in the virtual world at the turn of the 20th century electricity was not in the White House phones were rare and there was no such thing as air travel people mocked those riding cars with jokes like get a horse we've all heard the expression things are not what they used to be this is especially true in American business who is this man this is Robert Lee Downton born in 1863 during the Civil War and named after a key commander of the Confederate Army his father had fought with general robert e lee and his education did not go beyond high school i introduced alton to lay the context behind the tax laws that impact your business this man designed and wrote the laws that govern today's international taxation in the united states in 1939 he was the powerful chairman of the US congressional committee that created the tax laws most of the congressional representatives who wrote the 1939 tax code were born before 1900 their view of the world was what you see in silent movies and so was their tax law back in those days steamships and the telegraph were considered high-tech this world vision still governs how the US taxes international business and investment compare that idea of technology to the current world we live in in the information age there's no limit to what the click of a mouse can do retrieve information communicate with people across the world conduct financial transactions operate machinery conduct surgery etc when I wrote the first edition of this book on may six 2010 the news headlines were blaming a computer for the dowels flash crash of a thousand points in one hour one CNBC headline read computers not human error likely caused market down sounds like a headline from the movie 2001 a Space Odyssey and how the computer it's astounding isn't it Congress has failed to innovate the tax laws since they were created three quarters of a century have gone by and were still abiding by rules laid down by a civil war baby president john f kennedy's administration in 1962 made the most significant reforms in international taxation however the main concepts of the tax law said in 1939 remain intact the third wave throughout this book I'll occasionally refer to the ideas of writer and futurist Alvin Toffler in his book the third wave he classifies American society and economic times in three categories first wave the agrarian society which began in 5000 BC at that time the tax collectors were biblical villains because few individuals had money they paid taxes in kind or with commodity money such as salt gold silver barley and other tangible products second wave the Industrial Revolution which began in the late 17th century this period underwent the birth of income taxes and the payment of taxes by paper money the first printed money was recorded in 1690 Toffler writes the second wave society is industrial and based on mass production mass distribution mass consumption mass education mass media mass recreation mass entertainment and weapons of mass destruction you combine those things with standardization centralization concentration and synchronization and you wind up with a style of organization we call bureaucracy third wave the post-industrial Society the electronic frontier the information age the production of knowledge and processing of information dominate over manufacturing in the new economy in the late 1990s the third wave economy created wealth in the developed world while the second wave economy moved to Asia one example of the third wave economy is that some companies such as Southwest Airlines only accept digital money that is credit cards debit cards online banking payments etc and will not accept paper money while this book covers all aspects of American international taxation and tax planning it highlights your tax savings opportunities born out of the u.s. administration's decision to apply Industrial Age tax laws to a third wave economy with third wave tax planning you will learn how to use a foreign corporation to save income taxes how to use a virtual foreign country for your trust tax scientist how to use a virtual domestic corporation as a tax haven corporation how to pay your virtual computer for foreign machine services chapter audit a u.s. congressional committee created us tax laws in 1939 despite massive changes in business technology Commerce and the global economy not much has changed in the IRS code we are living in the third wave a post-industrial society largely dependent upon knowledge production and information processing