5 egregious tax loopholes that benefit the rich

[Matt1970]

When you offshore your cash in order to avoid taxation in my opinion that's a HUGE loss of revenue that the Middle class have to shoulder the burden. So if your sugar Daddies in your Party would pay what they are suppose to our tax rates would be less then they are now.

Tax burden for the middle class has gone down since the sugar dadies in my party have not been paying what they are supposed to.

 

[Ausm]

Tax burden for the middle class has gone down since the sugar dadies in my party have not been paying what they are supposed to.

Yeah our taxes are lower which was an irresponsible move by GWB while waging 2 unfunded wars on top of Medicare Part D hence our huge ass deficit.

A 2012 report from the Tax Justice Network estimated that between USD $21 trillion and $32 trillion is sheltered from taxes in unreported tax havens worldwide. If such wealth earns 3% annually and such capital gains were taxed at 30%, it would generate between $190 billion and $280 billion in tax revenues, more than any other tax shelters.[7] If such hidden offshore assets are considered, many countries with governments nominally in debt are shown to be net creditor nations.[8] However, the tax policy director of the Chartered Institute of Taxation expressed skepticism over the accuracy of the figures.[9] Daniel J. Mitchell of the Cato Institute says that the report also assumes, when considering notional lost tax revenue, that 100% money deposited offshore is evading payment of tax.[10]

http://en.wikipedia.org/wiki/Tax_haven

 

[Matt1970]

Yeah our taxes are lower which was an irresponsible move by GWB while waging 2 unfunded wars on top of Medicare Part D hence our huge ass deficit.

A 2012 report from the Tax Justice Network estimated that between USD $21 trillion and $32 trillion is sheltered from taxes in unreported tax havens worldwide. If such wealth earns 3% annually and such capital gains were taxed at 30%, it would generate between $190 billion and $280 billion in tax revenues, more than any other tax shelters.[7] If such hidden offshore assets are considered, many countries with governments nominally in debt are shown to be net creditor nations.[8] However, the tax policy director of the Chartered Institute of Taxation expressed skepticism over the accuracy of the figures.[9] Daniel J. Mitchell of the Cato Institute says that the report also assumes, when considering notional lost tax revenue, that 100% money deposited offshore is evading payment of tax.[10]

http://en.wikipedia.org/wiki/Tax_haven

Reagan, Bush, Clinton and Obama all cut the middle class tax rate but I quess you can only blame Bush right? $21 Trillion sounds horrible but that is a worldwide scale and the US has no jurisdiction outside our borders. Get me numbers for the US and numbers that aren't in dispute by the tax policy director of the Chartered Institute of Taxation. Total cost of the wars by 2011 was around $1.2 Trillion, we racked up $6 Trillion in debt in the last 4 years.

 

[Ausm]

Reagan, Bush, Clinton and Obama all cut the middle class tax rate but I quess you can only blame Bush right? $21 Trillion sounds horrible but that is a worldwide scale and the US has no jurisdiction outside our borders. Get me numbers for the US and numbers that aren't in dispute by the tax policy director of the Chartered Institute of Taxation. Total cost of the wars by 2011 was around $1.2 Trillion, we racked up $6 Trillion in debt in the last 4 years.

Bush 1 raised taxes, So did Clinton and Ronnie Raygun raised taxes at least 8 times to cover his spending sprees. Are you denying how the deficit was created or just not accepting a factual statement?

 

[nehalem256]

Bush 1 raised taxes, So did Clinton and Ronnie Raygun raised taxes at least 8 times to cover his spending sprees. Are you denying how the deficit was created or just not accepting a factual statement?

Please point out where the tax increases on the middle class occur

 

[Ausm]

Please point out where the tax increases on the middle class occur

You are obviously missing the point of my thread but what's new.

 

[Matt1970]

Bush 1 raised taxes, So did Clinton and Ronnie Raygun raised taxes at least 8 times to cover his spending sprees. Are you denying how the deficit was created or just not accepting a factual statement?

You haven't presented facts. You are blaming the last $11 Trillion in debt on $1.2 Trillion Wars and $1.2 Trillion worth of tax cuts and you have failed to show how the Middle class has had to shoulder the burden of the rich offshoring cash.

 

[Ausm]

You haven't presented facts. You are blaming the last $11 Trillion in debt on $1.2 Trillion Wars and $1.2 Trillion worth of tax cuts and you have failed to show how the Middle class has had to shoulder the burden of the rich offshoring cash.

You obviously didn't read my link I posted...Color me surprised.

Oh He is a factual link on how the deficit was created....

http://www.nytimes.com/interactive/2009/06/09/business/economy/20090610-leonhardt-graphic.html

http://www.nytimes.com/2011/07/24/opinion/sunday/24sun4.html?_r=0

 

[Matt1970]

You obviously didn't read my link I posted...Color me surprised.

Oh He is a factual link on how the deficit was created....

http://www.nytimes.com/interactive/2009/06/09/business/economy/20090610-leonhardt-graphic.html

http://www.nytimes.com/2011/07/24/opinion/sunday/24sun4.html?_r=0

That's 2009/2010 Data. Of course Obama only had $1.4 trillion in his first year. Can someone please send an email to the NY times and tell them we are almost in 2013. Also according to that article if the Bush tax cuts were to expire we would cut future deficits in half. Well, the deficit for 2011 was $1.3 Trillion and there isn't a credible institution in the world that believes the Bush tax cuts cost us $650 Billion a year. Even the Whitehouse and CBO numbers are much less.

 

[ElFenix]

When were taxes raised on the middle class? Any lost revenue has always been made up by borrowing and printing.

you know that inflation caused by government printing money and thereby devaluing every single dollar by a percentage is a tax, right?

 

[Exterous]

Second-home mortgage interest deduction

Those who own a ski chalet in Aspen, Colo., an ocean-view getaway along Miami's South Beach or a pied-a-terre in New York City in which to rest after a late Broadway opening night usually are rich. And they get to write off the interest on those expensive second homes as an itemized deduction, for mortgage debt as high as $1 million.

I am not sure a second-home mortgage interest deduction really fits the spirit of the article. What I get from it is 'how rich people avoid paying tax'. I am not sure spending up to $1M on a second home and carrying a mortgage loan is really going to benefit the rich in terms of their bottom line. I would be willing to bet they pay more in interest by having the mortgage than they get back on their taxes for the extra deduction

 

[Ausm]

That's 2009/2010 Data. Of course Obama only had $1.4 trillion in his first year. Can someone please send an email to the NY times and tell them we are almost in 2013. Also according to that article if the Bush tax cuts were to expire we would cut future deficits in half. Well, the deficit for 2011 was $1.3 Trillion and there isn't a credible institution in the world that believes the Bush tax cuts cost us $650 Billion a year. Even the Whitehouse and CBO numbers are much less.

Here are the CBO numbers of the Bush Tax cut costs to American Taxpayers.

CBO estimated in June 2012 that the Bush tax cuts (EGTRRA and JGTRRA) added about $1.6 trillion to the debt between 2001 and 2011, excluding interest.

http://en.wikipedia.org/wiki/Bush_tax_cuts

Notice that figure is EXCLUDING INTEREST........

 

[EagleKeeper]

you know that inflation caused by government printing money and thereby devaluing every single dollar by a percentage is a tax, right?

Hidden tax - not explicitly called for.

Such is considered acceptable for those that are willing to spend without accountability 🙁.

 

[piasabird]

A lot of grandparents live off of dividends.

 

[piasabird]

Bush tax cuts are not an expense. Where is the 2% tax cut for SS $$? Where is the increase in Medicare and O'bammacare. No one even knows how much O'Bammacare will cost. It is a giant boondoggle. There is an increase in both the estate inheritance tax and the tax rate for people making over $200k for Medicare/Obammacare.

Where is the war in Syria, the war in egypt and the war in Libya spending. How about the cost for the patriot missles in Turkey. I am sure Russia will not mind a bunch of missles on their doorstep!

Just keep in mind there is no budget under O'Bamma. He just keeps increasing the spending.

Wasnt there just an announcement of one of the firms that Bush
Bailed out and how they had a huge return on their investment??? Did you forget who bailed them out?

President O'Bamma continues to extend the Bush Tax cuts, so he owns them. He just uses them to threaten our economy every 3 months. He is a lying manipulating fear monger.

President O'Bamma also said he was going to bring the troops home within 1 year, but failed to do that.

 

[Matt1970]

Here are the CBO numbers of the Bush Tax cut costs to American Taxpayers.

CBO estimated in June 2012 that the Bush tax cuts (EGTRRA and JGTRRA) added about $1.6 trillion to the debt between 2001 and 2011, excluding interest.

http://en.wikipedia.org/wiki/Bush_tax_cuts

Notice that figure is EXCLUDING INTEREST........

Right, which is $160 Billion a year, a far cry from like your NY Times article suggests $650 Billion.

 

[JimKiler]

I would like to see Congress stop tax breaks on bonuses paid to employees when it is tied to metrics. If a company uses metrics, i.e. growth of sales they can consider the bonus an expense to reduce taxable income. There are so many companies doing this like all of the wall street banks, think of the millions Uncle Sam could collect if this was not allowed to lower taxable income.

 

[Ausm]

Right, which is $160 Billion a year, a far cry from like your NY Times article suggests $650 Billion.

So in essence you do agree the Bush Tax cuts blew a HUGE ass hole in the Deficit then? Thank you.

 

[Ausm]

Bush tax cuts are not an expense. Where is the 2% tax cut for SS $$? Where is the increase in Medicare and O'bammacare. No one even knows how much O'Bammacare will cost. It is a giant boondoggle. There is an increase in both the estate inheritance tax and the tax rate for people making over $200k for Medicare/Obammacare.

Where is the war in Syria, the war in egypt and the war in Libya spending. How about the cost for the patriot missles in Turkey. I am sure Russia will not mind a bunch of missles on their doorstep!

Just keep in mind there is no budget under O'Bamma. He just keeps increasing the spending.

Wasnt there just an announcement of one of the firms that Bush
Bailed out and how they had a huge return on their investment??? Did you forget who bailed them out?

President O'Bamma continues to extend the Bush Tax cuts, so he owns them. He just uses them to threaten our economy every 3 months. He is a lying manipulating fear monger.

President O'Bamma also said he was going to bring the troops home within 1 year, but failed to do that.

Opening disqualifier......

 

[Matt1970]

So in essence you do agree the Bush Tax cuts blew a HUGE ass hole in the Deficit then? Thank you.

Yep, a huge ass $160 billion in a $1.3 Trillion deficit, that's a whopping 12% of the deficit. I am glad you see where the problem is. You are quite welcome.

 

[Ausm]

Yep, a huge ass $160 billion in a $1.3 Trillion deficit, that's a whopping 12% of the deficit. I am glad you see where the problem is. You are quite welcome.

Would you like to add in 2 unfunded wars and Medicare part D to the total projection too?

 

[CPA]

None of those are loopholes.

 

[IGBT]

stop using tax "loop hole" and start using "tax law". Otherwise your precious home mortgage deduction / dependent deduction / business deductions / any other tax language the liberals don't like will also be considered "loop holes". If the tax law language is in place and in effect it means it was approved by law makers prior to becoming IRS enforced "language".

 

[Matt1970]

Would you like to add in 2 unfunded wars and Medicare part D to the total projection too?

It's all common knowledge how much debt Bush racked up. If spending is such a concern of yours, why are you not bitching about the massive spending spree the government is on right now? The $1.6 Trillion from the Bush tax cuts over 10 years you were so concerned about having come out of the pockets of the middle class is about the same as the debt we rack up every year.

 

[Ausm]

It's all common knowledge how much debt Bush racked up. If spending is such a concern of yours, why are you not bitching about the massive spending spree the government is on right now? The $1.6 Trillion from the Bush tax cuts over 10 years you were so concerned about having come out of the pockets of the middle class is about the same as the debt we rack up every year.

I thought it was the Rightists in Congress harping on this ever since the Black dude got in office hence the previous Fiscal cliff clusterfuck at the hand of the Rightists.