It is what isn't included into the "income" that I care about. What's the big deal with 15% or 50% tax rate when 80% of your income is hidden in a trust in Cayman Island or Bermuda?
Get billions in profit, and pay less than 1% in taxes on it.
If you've got enough money (individual or company), you can afford to effectively have pet politicians on your payroll.
If Congress wrote the rule into the tax code, how is it tax dodging.
If a corrupt
Congress wrote the rule into the tax code...
- "Here's my grievance, Congressman. Please see if you can do anything about it."
- "Here's my grievance, Congressman. Oh, and I've got $30,000,000 sitting around in a fund, and it's considering getting out and making itself useful somehow. I've also read that you're going to be up for reelection next year. Interesting. Oooh, neat. A group of goldfinches is outside on the lawn. Well, in any case, please see if you can do anything about that grievance."
One of those two is going to receive priority.
Example: The tuition credit and student loan interest did not exist a few years ago.
How many here bitching about loopholes, tax dodging have taken either? Or are planning on using them.
What is the difference between what you ate doing vs someone that has an account find legal ways to reduce the taxable income?
How many are taking advantage of the HSA accounts or Flex Spending accounts via employer. Both are another tax dodge. Avoiding paying taxes on earned income.
A good deal of the upset comes from having politicians or pundits complaining about low-income or middle-income people not paying "their fair share," while at the same time defending the extremely wealthy as if they're leading a horrible life of endless persecution and torment.