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

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  • Yes

    13 65.00%
  • No

    2 10.00%
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Thread: Tax Loopholes

  1. #21
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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.
    Under that definition, no I would not favor eliminating all of them. That does not mean that some could not or should not be eliminated.
    We became a great nation not because we are a nation of cynics. We became a great nation because we are a nation of believers - Lindsey Graham

    Quote Originally Posted by Fiddytree View Post
    Uh oh Megyn...your vagina witchcraft is about ready to be exposed.

  2. #22
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    Re: Tax Loopholes

    Redress, which would you keep and which would you get rid of?


  3. #23
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    Re: Tax Loopholes

    Quote Originally Posted by Josie View Post
    Redress, which would you keep and which would you get rid of?
    Dammmnnnnn. Now that is a big question and to be honest I don't have a good answer right now. I just don't know enough to give you a good answer. If I get some time tomorrow, I will try and look some stuff up and at least give you a partial answer. For now: personal and dependent deductions stay. Past that I really will have to look even for personal FIT.
    We became a great nation not because we are a nation of cynics. We became a great nation because we are a nation of believers - Lindsey Graham

    Quote Originally Posted by Fiddytree View Post
    Uh oh Megyn...your vagina witchcraft is about ready to be exposed.

  4. #24
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    Re: Tax Loopholes

    Quote Originally Posted by Redress View Post
    OC raises a good point in that we need a good definition of loophole. Is any deduction a loophole?
    A loophole is any deduction that people don't think should be allowed.
    Quote Originally Posted by Top Cat View Post
    At least Bill saved his transgressions for grown women. Not suggesting what he did was OK. But he didn't chase 14 year olds.

  5. #25
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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.
    That's never work, but who cares, right?
    Quote Originally Posted by Top Cat View Post
    At least Bill saved his transgressions for grown women. Not suggesting what he did was OK. But he didn't chase 14 year olds.

  6. #26
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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.
    There's no way a business could survive a gross tax.
    Quote Originally Posted by Top Cat View Post
    At least Bill saved his transgressions for grown women. Not suggesting what he did was OK. But he didn't chase 14 year olds.

  7. #27
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    Re: Tax Loopholes

    Quote Originally Posted by apdst View Post
    That's never work, but who cares, right?
    I have to disagree after reading the Fair Tax book, normally I would have balked at that idea as well but when the breakdown of it is in front of you it starts to make sense. The catch though is that the income tax has to be repealed and no flat tax with the NST replacing it, the idea being that when hidden taxes are taken out of everything profits start to inch up and competitiveness then would demand that companies would get into a price slashing war for consumer dollars.
    Neither side in an argument can find the truth when both make an absolute claim on it.

    LMR

  8. #28
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    Re: Tax Loopholes

    Quote Originally Posted by apdst View Post
    A loophole is any deduction that people don't think should be allowed.
    I love it. I may steal and use this line myself. When you get one right, you do nail it.
    We became a great nation not because we are a nation of cynics. We became a great nation because we are a nation of believers - Lindsey Graham

    Quote Originally Posted by Fiddytree View Post
    Uh oh Megyn...your vagina witchcraft is about ready to be exposed.

  9. #29
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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.
    why not lower the nominal rate to the effective rate under the previous system, so that your effect is simply to strip out the complexity and compliance costs?

  10. #30
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    Re: Tax Loopholes

    There are a few deductions I support keeping, but none that I would call loopholes. For example, I support having the first $25k be tax free. I support a business tax that's only applied after expenses have been deducted. You could, of course, pay your employees more and count it as expenses, but since income taxes would be higher than business taxes in my model, that wouldn't accomplish much. There are probably a few others I can't think of off the top of my head, but I would eliminate all the things about charity or buying an SUV or a hybrid or whatever else. There are better ways to provide incentives than by making the tax code horrendously complicated.
    For: legalizing drugs, gay marriage, abortion, guns, universal health care, public sector jobs, nuclear power, free education, progressive taxation
    Against: corporations, make-work, the 40 hour work week, intellectual property, imperialism, "homeland security," censorship

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