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

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Thread: Tax Loopholes

  1. #1
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    Tax Loopholes

    Would you support an elimination of every single tax loophole known to man or business?

    Please explain.


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    Re: Tax Loopholes

    Quote Originally Posted by Josie View Post
    Would you support an elimination of every single tax loophole known to man or business?

    Please explain.
    the devil is in the details

    for example, if you live in say Cincinnati and work in dayton, dayton and cincinnati both can tax your income but many cities give their residents a credit for taxes they pay in another work location

    some would call that a loophole when in reality it means someone who works in a city different than their residence is not taxed far more than someone who lives and works in the same city

    some would claim deducting losses is a loophole as well but it makes sense that if you made 100K in your business for say the first 8 months and then the last four months you lost money you should pay on your net profit



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    Re: Tax Loopholes

    Quote Originally Posted by Josie View Post
    Would you support an elimination of every single tax loophole known to man or business?

    Please explain.
    I would support starting with a blank slate and rewriting them, but not outright eliminating them. Many of the "loopholes" are of course things like charitable deductions, child tax credits, and so forth. These help many people or just seem like the right thing to do to encourage giving, so I don't believe you would find a majority of people that are against these.

    On the other hand, ask people what they think of Corporate jet deductions, special subsidies to oil companies and others (like GM, for example). I think most people would be pretty upset about these kind.

    And then, of course, you have to decide if research tax credits and other things of that nature are worth it or not. Personally, I would say research tax credits are a good thing, in general. They allow the private sector to conduct research that they otherwise would not. This is what keeps us ahead as a country in the long run, along with education and infrastructure. Of course, you have to figure out which ones are actually contributing to important R&D.

    It's a much more complicated issue than just tax loopholes/no loopholes.

  4. #4
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    Re: Tax Loopholes

    How do you define loopholes?

    In the professional tax world, a loop hole would be like selling extracted crude oil from your Nigerian wells at a price nearly equal to what you're going to sell it to refineries in the US at in the virtual no tax Cayman Islands and having your subsidiary sell it at near zero profit from the Caymans into the US. THAT is a loop hole.

    Taking a deduction for inventory as cost of goods sold is not a loop hole.

    This poll is impossible to answer until we know what Josie is defining as a loophole.
    Last edited by obvious Child; 10-15-11 at 10:48 PM.
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    Re: Tax Loopholes

    Quote Originally Posted by Josie View Post
    Would you support an elimination of every single tax loophole known to man or business?

    Please explain.
    I would support eliminating every tax loophole. I even believe that there should be a flat tax rate,preferable a national sales tax and thats it.
    "A nation can survive its fools, and even the ambitious. But it cannot survive treason from within. An enemy at the gates is less formidable, for he is known and carries his banner openly. But the traitor moves amongst those within the gate freely, his sly whispers rustling through all the alleys, heard in the very halls of government itself. For the traitor appears not a traitor; he speaks in accents familiar to his victims, and he wears their face and their arguments, he appeals to the baseness that lies deep in the hearts of all men. He rots the soul of a nation, he works secretly and unknown in the night to undermine the pillars of the city, he infects the body politic so that it can no longer resist. A murder is less to fear"

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    Re: Tax Loopholes

    OC raises a good point in that we need a good definition of loophole. Is any deduction a loophole?
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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?
    probably not as I noted with one city giving its residents a credit for taxes paid in a different city where a job is located



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    Re: Tax Loopholes

    Not without overhauling the entire tax system I wouldn't.
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    Re: Tax Loopholes

    Quote Originally Posted by TurtleDude View Post
    probably not as I noted with one city giving its residents a credit for taxes paid in a different city where a job is located
    Right, but what is and isn't a loophole? It's hard to give an answer without knowing that.
    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.

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    Re: Tax Loopholes

    Quote Originally Posted by Josie View Post
    Would you support an elimination of every single tax loophole known to man or business?

    Please explain.
    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.
    Last edited by Jerry; 10-15-11 at 10:58 PM.

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