View Poll Results: Would you support eliminating every tax loophole?

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Thread: Tax Loopholes

  1. #11
    warrior of the wetlands
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    Re: Tax Loopholes

    Quote Originally Posted by Redress View Post
    Right, but what is and isn't a loophole? It's hard to give an answer without knowing that.
    I think OC came the closest in an accurate description of what REALLY is a loophole

    what many people consider loopholes are often deductions that make sense that they themselves don't get



  2. #12
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    Re: Tax Loopholes

    Something else. Instead of having a complicated system that requires loopholes I favor a flat tax of around 15-20% or even more preferable the Fair Tax, no loopholes needed if there is no reason to dispute.
    Neither side in an argument can find the truth when both make an absolute claim on it.

    LMR

  3. #13
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    Re: Tax Loopholes

    Quote Originally Posted by Jerry View Post
    Yes I would.

    I would implement a 20-25% consumption tax on everything anyone buys, including food and medications. No write-offs. No exemptions. No sin/capitol-gains/inheritance/property/etc/etc tax. Minimal IRS. No annual/quarterly filing.

    The rich would still pay more taxes because the rich obviously spend more dollars. The poor can finally start paying their fair share.
    Agreed. And I like the consumption tax although I believe we won't see it in my lifetime. I would go one further..................all food stamp purchases should be taxed at 3% and under our current tax structure, all welfare checks should include a 3% witholding. What can you realistically purchase for $100 that you can't purchase for $97..........if you need the other $3, scrape together some pennies. I know many will say that this is just cutting entitlements and........I agree, but it's not simply a "blanket" welfare cut as it addresses "individual" entitlement and at least it "dresses up" a little better. EVERYBODY pays their fair share.......EVERYBODY.
    Last edited by FluffyNinja; 10-15-11 at 11:19 PM.
    "Absence of evidence is not evidence of absence." - Dr. Carl Sagan

  4. #14
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    Re: Tax Loopholes

    For the sake of keeping it simple, tax loopholes = any deduction or credit.

    If you think some deductions are important and necessary, please post them. The only one I can think of that might make me change my mind is the deduction for your minor children.


  5. #15
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    Re: Tax Loopholes

    Quote Originally Posted by FluffyNinja View Post
    Agreed. And I like the consumption tax although I believe we won't see it in my lifetime. I would go one further..................all food stamp purchases should be taxed at 3% and under our current tax structure, all welfare checks should include a 3% witholding. What can you realistically purchase for $100 that you can't purchase for $97..........if you need the other $3, scrape together some pennies. I know many will say that this is just cutting entitlements and........I agree, but it's not simply a "blanket" welfare cut as it addresses "individual" entitlement and at least it "dresses up" a little better. EVERYBODY pays their fair share.......EVERYBODY.
    When it comes to hand-outs, imo if the government is going to do it then it should cut out the bull**** and just write a check to bring the household income up to $40K. No special programs for HEAQP, TANIF, SNAP, Title19, etc. You get up to $40K with a lot of strings attached and you buy everything you need with it....while yes paying 20-25% consumption tax just like everyone else.

    Strings include but are not limited to: Raising a child under the age of 18 (yes I would be happy to pay a parent to stay-at-home); if married, minimum of one spouse must either have a full-time job or be a full-time student in an accredited program; single people must either be a full-time student, have a full-time job, or be legally disabled. Can not be unemployed for more than 6mo (and I think that's generous), and if fired for-fault they will be sanctioned for 6mo. Can not be a felon or be convicted of a domestic-violence offense, or even one (1) DUI, ever. Must submit to random drug testing.
    Last edited by Jerry; 10-15-11 at 11:38 PM.

  6. #16
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    Re: Tax Loopholes

    Quote Originally Posted by Josie View Post
    For the sake of keeping it simple, tax loopholes = any deduction or credit.

    If you think some deductions are important and necessary, please post them. The only one I can think of that might make me change my mind is the deduction for your minor children.
    That's a bit of a dangerous road. For instance many business deductions under the current system are necessary for expansion, if one can't write off a loss it's much more difficult to justify the risk of expansion loans, growing inventory, or hiring new employees. That's one instance I can think of but the main point is that many deductions are there as protections in the tax code. I still think simpler, more even, and less is better.
    Neither side in an argument can find the truth when both make an absolute claim on it.

    LMR

  7. #17
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    Re: Tax Loopholes

    Quote Originally Posted by Josie View Post
    For the sake of keeping it simple, tax loopholes = any deduction or credit.

    If you think some deductions are important and necessary, please post them. The only one I can think of that might make me change my mind is the deduction for your minor children.
    So you think a system which disallows losses and costs to sell something is a good one?

    I don't see how many businesses can survive a high gross tax.
    "If your opponent is of choleric temperament, seek to irritate him." - Sun Tzu

  8. #18
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    Re: Tax Loopholes

    Quote Originally Posted by obvious Child View Post
    So you think a system which disallows losses and costs to sell something is a good one?

    I don't see how many businesses can survive a high gross tax.
    they cannot. any corporate tax should be based on net gains. if a corporation brings in a million and has 900K in costs and is taxed 9% on a million rather than 100K its gonna take a bath



  9. #19
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    Re: Tax Loopholes

    Quote Originally Posted by Jerry View Post
    When it comes to hand-outs, imo if the government is going to do it then it should cut out the bull**** and just write a check to bring the household income up to $40K. No special programs for HEAQP, TANIF, SNAP, Title19, etc. You get up to $40K with a lot of strings attached and you buy everything you need with it....while yes paying 20-25% consumption tax just like everyone else.

    Strings include but are not limited to: Raising a child under the age of 18 (yes I would be happy to pay a parent to stay-at-home); if married, minimum of one spouse must either have a full-time job or be a full-time student in an accredited program; single people must either be a full-time student, have a full-time job, or be legally disabled.
    Might work under a national consumption tax program. I'd definitely like to see it happen. Question is, however, what can we do to make taxation more equitable under our CURRENT tax structure? Sadly, unless our current Chief Executive and 70% of our current legislators get abducted by aliens today, I don't see the consumption tax getting any real attention at any time in the near future.
    "Absence of evidence is not evidence of absence." - Dr. Carl Sagan

  10. #20
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    Re: Tax Loopholes

    Quote Originally Posted by FluffyNinja View Post
    Might work under a national consumption tax program. I'd definitely like to see it happen. Question is, however, what can we do to make taxation more equitable under our CURRENT tax structure? Sadly, unless our current Chief Executive and 70% of our current legislators get abducted by aliens today, I don't see the consumption tax getting any real attention at any time in the near future.
    Not without massive spending cuts, beginning with the elimination of Obama'Care and TARP.

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