WHEN will you people WANTING TAX LOOPHOLES closed LEARN????

[healthmyths]

This is absolutely the funniest issue yet...

All you people wanting those NASTY corporate TAX LOOPHOLES closed!
How about understanding WHAT the top 20 loopholes are before you stupidly cry for something THAT WILL COST YOU!



So how many of you people want to pay your employer health insurance premiums?
That's right the #1 tax deduction at $171 billion in 2012 was what your employer deducted from taxes that paid your premiums!

Or how about you want to have your employer no longer offer 401ks, etc...?
#2 is pension contributions and earnings $138 billion!

And # 3 is your deductions you idiots from your tax liability for MORTGAGE Interest!

Still want them closed?

Then of course your local city will have to pay MORE for municipal bonds because in 2012 $39 billion was not included !

And all you idiots who deducted child care?? CLOSE THAT LOOPHOLE costs Govt. $24 billion!

So think about it folks... just a little more FACTS and a lot less speculations regarding CLOSING THOSE EVIL LOOPHOLES
THAT will mostly affect YOU!

OH and those BIG BAD corporations taking evil loopholes for OIL,etc.??? LAST on the list at $11 billion!

Of the top 20 deductions 10 will directly harm the individual workers!

 

[tooAlive]

Yes, I'd still want the loopholes closed.

BUT (and this is a big but), our entire taxation system would have to change. I'm a big proponent of the Fair Tax (H.R. 25) which is a flat tax on consumption. Which means no tax on your income at all; you'll only be taxed on purchases you make.

With everyone paying the same tax rate, tax rates could be much, much lower than they are today.

However, If things were to stay the way they are now (with our current rates intact), then I'd agree to leave the loopholes intact as well.

 

[ClosedCaption]

Who said close those loopholes. Look up transfer pricing nd see that you're playing small ball.

 

[bripat9643]

Who said close those loopholes. Look up transfer pricing nd see that you're playing small ball.

Why don't you just explain what the fuck transfer pricing is?

On, I know . . . . you're afraid the entire forum will laugh at you.

 

[healthmyths]

Who said close those loopholes. Look up transfer pricing nd see that you're playing small ball.

Because those are the TAX LOOPHOLES and not "transfer pricing" which is NOTHING to do with TAX DEDUCTIONS!

Whatever happens between international corporations and their international subsidiaries has NOTHING to do with codified TAX DEDUCTIONS which is WHAT almost ALL people are lead to believe corporate tax loopholes!

The top 20 "TAX LOOPHOLES" are lead as I said by deductions for health premiums and pensions. These two benefit directly employees.

 

[J.E.D]

Who said close all loopholes? Close the unnecessary loopholes. Close loopholes for corps that don't need taxpayer assistance. As long as big corps get away with paying low to no taxes, while raking in record profits and giving their CEOs huge bonuses, spending cuts should not even be considered.

 

[Agit8r]

The proposals I've seen cap total deductions at a pre-specified percentage of income, or exempting certain deductions altogether from the cap, though this is for personal tax returns. Presumably something similar could be done for the corporate side.

personally, I think a more globally competitive model would have corporate profits taxed at a rate that tops out at 15% and the difference made up by taxing the highly compensated more, as well as an excise tax on stock transactions.

 

[healthmyths]

Who said close all loopholes? Close the unnecessary loopholes. Close loopholes for corps that don't need taxpayer assistance. As long as big corps get away with paying low to no taxes, while raking in record profits and giving their CEOs huge bonuses, spending cuts should not even be considered.

What corporations "DO NEED" taxpayer assistance?

WHAT IS WRONG with "raking in record profits"?

WHAT LOOPHOLES are unnecessary?
I've given you the list of the top 20 "tax deductions"!
The ones that I assume you said were "unnecessary"
Various energy and ... credits/ deductions.. WOW big $11 billion.
Deduction for doing business in the USA.. $14 billion.
Deferral of controlled foreign corps.. $42 billion
Accelerated machinery & equipment.. $76 billion.
These $142 billion in deductions are specific to evil, money grabbing corporations!

Take away those deductions and the treasury will have $142 billion more for one year!
Because these companies almost all international in scope WILL leave the USA!
That means LOST JOBS paying payroll taxes!
That means no more business equipment purchases ! No equipment to depreciate!

And all the while YOU say spending cuts for oh say things like the following SHOULD NOT happen!
YOU are OK with TAX money going out for the following???

- $2.6 million to make sure prostitutes in China drink less on the job.

- $1.44 million in federal funds estimating the size of the population and examining the “social milieu” of male prostitutes in Hanoi and Ho Chi Minh City, Vietnam.

- Washington spends $25 billion annually maintaining unused or vacant federal properties

- Studying pig poop. The Environmental Protection Agency awarded a $141,450 grant under the Clean Air Act to fund a Chinese study on swine manure and

- a $1.2 million grant to the United Nations for clean fuel promotion.

- Conferences for government employees. In 2008 and 2009 alone, the Department of Justice spent $121 million to host or participate in 1,832 conferences.

_ The US Department of Agriculture has sparked outcry by paying $100,000 a year to a speaker who used compulsory diversity training to teach employees that
“the Pilgrims were illegal aliens” and that “minorities” should be called “emerging majorities”.

- U.S. government has spent $1.5 million to actually preserve some left during the hostile Indian occupation of California’s Alcatraz Island more than four decades go.
While the State Department saved money on security in Libya, it somehow managed to find $5.6 million in 2011 to support “pressing cultural preservation needs” in
dozens of foreign countries. Here are some of the dire projects funded by U.S. tax dollars that perhaps could be better spent on securing U.S. embassies in hostile
Arab countries.
- Uncle Sam doled out
$750,000 to restore a 16th-century tomb complex in India,
$700,000 to conserve ruins in Tanzania,
$600,000 for the “temple of the winged lions” in Jordan and
$450,000 for the conservation of a 10th century temple in Cambodia. Those were just the big ticket projects.
Hundreds of thousands more went to smaller causes throughout the world.

I mean do you REALLY think spending $2.6 million IN CHINA studying drinking habits of Chinese prostitutes is essential??

 

[Mr. H.]

The government taking less of what isn't theirs in the first place isn't "taxpayer assistance".

 

[Obamanation]

I get tired of trying Healthmyths....

I have no idea how to show people that the real problem is spending. The next sequester needs to be 30% --- once the dust settles we would ALL be so much better for it!

 

[g5000]

Who said close all loopholes?

I have. Many times. All of them.

Close the unnecessary loopholes. Close loopholes for corps that don't need taxpayer assistance. As long as big corps get away with paying low to no taxes, while raking in record profits and giving their CEOs huge bonuses, spending cuts should not even be considered.

Every tax expenditure is an unnecessary boondoggle. Crowd pleasers that now add up to over one trillion dollars of lost revenue a year.

Tax expenditures should be banned. Every day, a new one is added to the tax code for special interest groups. In exchange, Congressmen get large campaign donations that ensure their 98 percent re-election rate, and that is not an exaggeration.


If we banned tax expenditures, it would have several positive effects:

1) Everyone's tax rates could be considerably lowered.

2) You could be certain that everyone in your income group is paying the exact same amount of taxes.

3) You would not be penalized for not buying the right energy source or light bulbs or refrigerator as you are right now. It is precisely because we have such tax penalties that the health insurance mandate was found to be constitutional.

4) A huge incentive for campaign cash donations to incumbents would be removed.

 

[g5000]

I get tired of trying Healthmyths....

I have no idea how to show people that the real problem is spending. The next sequester needs to be 30% --- once the dust settles we would ALL be so much better for it!

I get tired of explaining that tax expenditures ARE spending.

Even John Boehner admits it.

 

[g5000]

Think about it. You pay a tax penalty if you do not buy a house. You pay a tax penalty if you are not married. You pay a tax penalty if you do not have children. You pay a tax penalty if you buy the wrong refrigerator.

I would think every freedom loving American would be pissed at that level of government social engineering.

It was not a big leap to make you pay a tax penalty for not buying health insurance. You waited too long to notice you have been allowing this sort of thing your entire lives.

 

[Agit8r]

I get tired of trying Healthmyths....

I have no idea how to show people that the real problem is spending.

including tax expenditures

CBO | Tax Expenditures Have a Major Impact on the Federal Budget

 

[Obamanation]

I get tired of trying Healthmyths....

I have no idea how to show people that the real problem is spending.

including tax expenditures

CBO | Tax Expenditures Have a Major Impact on the Federal Budget

ANY time the gov't handles our money it is about CONTROL!

The only question is how much control we want to give them....

 

[g5000]

I get tired of trying Healthmyths....

I have no idea how to show people that the real problem is spending.

including tax expenditures

CBO | Tax Expenditures Have a Major Impact on the Federal Budget

Yes. Over a trillion dollars a year is what we spend on tax expenditures.

 

[dblack]

This is absolutely the funniest issue yet...

All you people wanting those NASTY corporate TAX LOOPHOLES closed!
How about understanding WHAT the top 20 loopholes are before you stupidly cry for something THAT WILL COST YOU!

View attachment 24812

So how many of you people want to pay your employer health insurance premiums?
That's right the #1 tax deduction at $171 billion in 2012 was what your employer deducted from taxes that paid your premiums!

Or how about you want to have your employer no longer offer 401ks, etc...?
#2 is pension contributions and earnings $138 billion!

And # 3 is your deductions you idiots from your tax liability for MORTGAGE Interest!

And how's that working out for us overall? How have these deductions and incentives affected their respective markets? Health care inflation? Housing bubble? Banksters collapsing our economy? Is it just coincidence?

If anything, your chart provides the most compelling evidence yet that discriminatory taxation is bad policy.

Still want them closed?

More than ever, yes.

 

[g5000]

dblack raises another good point.

I have often said that there is natural wealth inequality and unnatural wealth inequality, and that we have unnatural wealth inequality that has been created legislatively.

The tax code is one way such inequality has been created.

If a special interest gets a tax break, the difference has to some out of someone else's hide. And that is textbook inequality.

The mortgage interest deduction is an example. This is an extremely regressive tax break that reaps a bigger benefit the higher your income.

If an industry gets a tax break, that gives them a financial leg up over a competing industry. Oil vs alternative energy, for example. This creates an unlevel playing field in the markets.

I would think every freedom loving American would be outraged at this widespread governmental interference.

 

[dblack]

Who said close all loopholes? Close the unnecessary loopholes. Close loopholes for corps that don't need taxpayer assistance. As long as big corps get away with paying low to no taxes, while raking in record profits and giving their CEOs huge bonuses, spending cuts should not even be considered.

No, we have to close them all. Every loophole is 'necessary' to someone. Everyone who gets taxpayer assistance 'needs' it from their point of view. The fair and practical way to address the problem is to end the practice across the board. Let government find another way to pursue its social engineering agenda.

 

[Obamanation]

dblack raises another good point.

I have often said that there is natural wealth inequality and unnatural wealth inequality, and that we have unnatural wealth inequality that has been created legislatively.

The tax code is one way such inequality has been created.

If a special interest gets a tax break, the difference has to some out of someone else's hide. And that is textbook inequality.

The mortgage interest deduction is an example. This is an extremely regressive tax break that reaps a bigger benefit the higher your income.

If an industry gets a tax break, that gives them a financial leg up over a competing industry. Oil vs alternative energy, for example. This creates an unlevel playing field in the markets.

I would think every freedom loving American would be outraged at this widespread governmental interference.

It sounds wonderful ... but how do we get from HERE to there...