Top Ten Tax Loopholes

Quote from bigarrow:

Removing accelerated depreciation of machinery and equipment wouldn't save any money except in the first few years, the equipement will be depreciated fully over time any way. Home mortgage deduction probably makes sense to phase out and taxing most capital gains and dividends as ordinary income also makes some sense, this might have to be offset with a reduction of corporate taxes. Removing of charitable contributions also makes sense. The employeer deductions are legitmate business expenses and should be kept as should the 401K deductions.
More...

I agree that the employer deduction for health insurance is a business expense and therefore deductible. But the loophole is the employee receiving health care insurance tax free.

I think we will see a standard deduction for health insurance. EG, a $10k deduction. So if you receive health insurance valued at $12K you will have $2K of taxable income.

Same idea for the mortgage interest deduction. Maybe allow it for your primary residence, but reduce or eliminate this deduction for your vacation home or boat.

The 401K must stand no matter how hard both parties covet the extra revenue created if this loophole is eliminated.

It's interesting that the oil company and corporate jet loopholes don't appear in the top ten list.

Seneca
 
Quote from seneca_roman:

It's interesting that the oil company and corporate jet loopholes don't appear in the top ten list.

Seneca
More...
Because they are negligible in the scheme of things but it makes Obama sound like the savior of the average Joe. It's part of his ruse.
 
The savings rate in the US is bad enough w/ this 'loophole' if you remove the incentive for people to save, can you imagine what that would do?

It's hard enough as it is WITH this tax incentive to get people to save, remove that and might as well just plan on everyone working till they are dead or find another loophole so the gov't pays them.

Maybe that's the idea -- remove the savings loophole(s) and then go find the loophole(s) where the gov't just sends you $ for doing nothing.
 
Quote from Ricter:

Like anyone, I don't want to be the only one paying more taxes, but I will accept them if we all agree that they would help, and the burden is shared broadly.
More...

Well let me be the one to officially inform you that We do not all agree to pay more taxes!
 
Quote from brownsfan019:

The savings rate in the US is bad enough w/ this 'loophole' if you remove the incentive for people to save, can you imagine what that would do?

It's hard enough as it is WITH this tax incentive to get people to save, remove that and might as well just plan on everyone working till they are dead or find another loophole so the gov't pays them.

Maybe that's the idea -- remove the savings loophole(s) and then go find the loophole(s) where the gov't just sends you $ for doing nothing.
More...

Well when fewer people save their money they must be ... spending it? Isn't that what we need right now?
 
Quote from AAAintheBeltway:

... We went through this exercise before with Reagan. Eliminate "loopholes" and cut rates. Well, we eliminated the loopholes and crashed the real estate market back then in the process. The lowered rates? They didn't last too long. The minue the democrats got in, they raised them. The same thing will happen again.
More...

So you must disagree with the other righties here that assets, particularly real estate, need to deflate further... ?
 
Quote from Lucrum:

Well let me be the one to officially inform you that we do not all agree to pay more taxes!
More...

We don't actually need absolutely everyone. You can be comfortably outvoted and ignored.
 
Quote from seneca_roman:

I agree that the employer deduction for health insurance is a business expense and therefore deductible. But the loophole is the employee receiving health care insurance tax free.

I think we will see a standard deduction for health insurance. EG, a $10k deduction. So if you receive health insurance valued at $12K you will have $2K of taxable income.

Same idea for the mortgage interest deduction. Maybe allow it for your primary residence, but reduce or eliminate this deduction for your vacation home or boat.

The 401K must stand no matter how hard both parties covet the extra revenue created if this loophole is eliminated.

It's interesting that the oil company and corporate jet loopholes don't appear in the top ten list.

Seneca
More...

I agree with your ideas here, but I'll bet my last buck 401K's get hit in one way or another for the very reason you state. There's a ton of money there and they aren't going to pass that up.
 
Quote from AAAintheBeltway:

401k plans are now a loophole?
More...

Yep. Check this out.....

http://www.americanprogress.org/issues/2011/01/te_011911.html

A friend of mine converted his IRA to a Roth and paid a sizeable amount in taxes. This was when they first came out. He thinks he will be able to draw it out tax free as promised. I reminded him that they didn't used to tax SS either. I believe we will see all retirement accnts taxed. Roth or not. You can also expect to see a "wealth" tax. Of course it will start out small, maybe 2-5%.

The "Progressive" mind at work. :D
 
Quote from Ricter:

We don't actually need absolutely everyone. You can be comfortably outvoted and ignored.
More...

Mostly by people who don't pay any taxes themselves. What's wrong with this picture?
 
You must log in or register to reply here.
Back
Top