Which tax loopholes?

Races for the Senate, U.S. House, etc. and other issues of national importance.
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Which tax loopholes?

Postby fisticuffs » Tue Sep 18, 2012 9:19 am

Can Romney really run for president and not give us one example of a tax loophole he intends to close in order to pay for his 5 Trillion in tax cuts? That's a lot of revenue to make up for a party so hell bent on eliminating the deficit. Republicans weren't willing to give up accelerated depreciation credits on private planes less than a year ago. If it's something like the mortgage interest tax credit isn't that something the voter deserves to know before hitting the ballot box?

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Re: Which tax loopholes?

Postby Beaver » Tue Sep 18, 2012 8:35 pm

Good points. We need more taxes on the rich not less. And less corporate welfare:

http://thinkbynumbers.org/government-sp ... tatistics/
Government Spends More on Corporate Welfare Subsidies than Social Welfare Programs

"So now let’s look at the big picture. The final totals are $59 billion, 3 percent of the total federal budget, for regular welfare and $92 billion, 5 percent of the total federal budget, for corporations. So, the government spends roughly 50% more on corporate welfare than it does on these particular public assistance programs.

Should we spend less on corporate welfare and/or social welfare programs? Or should we spend even more? It’s up to you. A bunch of people died horrible deaths to make sure this country remained a democracy, so if you feel strongly about this issue you owe it to them to call or write your congressman and senators and give them a piece of your mind."

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Re: Which tax loopholes?

Postby Steve Vokers » Tue Sep 18, 2012 8:45 pm

Keep in mind that if you cut tax rates, you reduce the value of each and every tax loophole.

So if you can get back $1 billion in closing a loophole at current tax rates, once you lower the rates closing that same loophole will only get you maybe $850 million.

Since Romney says he wants to cut tax rates, it means he's going to need to find even more loopholes to close.

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