Quote:
Originally Posted by Dr Winston O Boogie jr
Corporations are taking advantage of those "loopholes" because the tax rate is so high. If we did away with corporate taxes, they'd have no reason to go offshore or use "loopholes". And I wonder how many foreign companies might move here if the tax rates were lower than their home country?
Loopholes by the way, are legal deductions and exemptions written into our tax laws. Does anyone who files a return not try to find every exemption and deduction in order to pay the least amount of taxes that they can? I don't know of anyone that doesn't do that.
Now people are going to respond that lawmakers have written these "loopholes" into our tax laws to benefit corporations that contribute to their campaigns and that is totally true.
The entire tax system in this country is broken and needs to be replaced.
This would be the best thing that we could ever do for this country, but I don't believe that it will ever happen because it takes power away from our elected officials in Washington.
Pass the Fair Tax | FAIRtax.org
I'd love to see the Fair Tax combined with term limits limiting all federal politicians to one term.
Representatives one term of six years, senators, one term of nine years and president, one term of six years.
Replace one third of the house and senate every three years.
These two measures would improve this country immensely. |
I agree with you on one point: close the loopholes and lower the corporate tax rate to something reasonable--but
fair. But I don't believe all loopholes were intentionally written into the laws. I think they were discovered by some very clever attorneys. To me a deduction is far different than a loophole.
And I like your term limit ideas.
What else can we put in our pipe to smoke?