Top Ten Tax Loopholes
- Thread starter seneca_roman
- Start date
Sad, but true. Maybe they will stop my favorite useless program: The Mohair Subsidy. One of my friends claims he gets about $20K a year from this; helps with the bills on his 1200+acre "ranch," EG-as he says it covers his beer bill, especially when I visit.
From Wikipedia:
"During World War II, U.S. soldiers wore uniforms made of wool. Worried that domestic producers could not supply enough for future wars, Congress enacted loan and price support programs for wool and mohair in the National Wool Act of 1954 as part of the 1954 Farm Bill.[4] Despite these subsidies, wool and mohair production declined. The strategic importance declined as well; the US Military adopted uniforms made of synthetic fibers, such as dacron, and officially removed wool from the list of strategic materials in 1960.[5] Nevertheless, the U.S. government continued to provide subsidies to mohair producers until 1995, when the subsidies were "eliminated effective with the marketing year ending December 31, 1995."[4] In The Future of Freedom: Illiberal Democracy at Home and Abroad[6] Fareed Zakaria points out that the subsidies were reinstated a few years later, due in large part to the lobbying on behalf of the special interests of the subsidy recipients. By 2000, Congress had appropriated $20 million for goat and sheep producers.[7] As of 2002, mohair producers were still able to receive special assistance loans from the U.S. Government, after an amendment to eliminate the subsidy was defeated.[8] This program is widely cited as "pork barrel" legislation.[7]"
Seneca
My friend who owns the ranch and I will drink to that next time we get together.
Yeah, older people are maybe 50/50 Democrats, Obama can toss them out of the lifeboat and not break a sweat.. but don't talk to him about cutting entitlements to the inner city reservations, he has 95% of those votes locked up and he is going to not risk losing that. Without those votes he's on the dole himself...
I can't even take the article/site seriously because of the blatant misleading usage (ill-informed, stupid, or most likely malicious intent) of the word "loophole" for the purpose of describing these tax credits.
TAX CREDITS are NOT LOOPHOLES ... WTF?
Seems to be typical politically based manipulation going on here. Folks should really question what they're reading.
A definition for you:
A loophole is an ambiguity in a system, such as a law or security, which can be used to circumvent or otherwise avoid the intent, implied or explicitly stated, of the system.
TAX CREDITS are NOT LOOPHOLES ... WTF?
Seems to be typical politically based manipulation going on here. Folks should really question what they're reading.
A definition for you:
A loophole is an ambiguity in a system, such as a law or security, which can be used to circumvent or otherwise avoid the intent, implied or explicitly stated, of the system.
Quote from Mr_You:
I can't even take the article/site seriously because of the blatant misleading usage (ill-informed, stupid, or most likely malicious intent) of the word "loophole" for the purpose of describing these tax credits.
TAX CREDITS are NOT LOOPHOLES ... WTF?
Seems to be typical politically based manipulation going on here. Folks should really question what they're reading.
A definition for you:
A loophole is an ambiguity in a system, such as a law or security, which can be used to circumvent or otherwise avoid the intent, implied or explicitly stated, of the system.
None of these are CREDITS-were you trying to play the manipulation game by mis-stating what these are? They are provisions in the tax code that help people avoid paying taxes and through common useage have become known as "loopholes" even by President Obama when he refers to the section of the tax code that helps oil companies reduce their tax burden.
I posted the list in another way without using "loopholes"; hope you feel better:
NOTE: The source is the Whitehouse!