Tax loophole saves wealthiest Americans billions

[Tim Bonney]

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[Dave Roberts]

I have stated before that the IRS code does its own favoritism. It should be titled "The Lawyers and Tax Accountants Full Employment Act." They are the prime group that lobbies against simplifying the code. It's complexity gives them guaranteed jobs protecting others wealth while enriching themselves.

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[Sandy]

[Dave Roberts]

[Tim Bonney]

[Dave Roberts]

[KeithE]

[KeithE]

[Sandy]

[KeithE]

[William Thornton]

Keith, you might as well use vocabulary as it is understood in the industry. Presumably you don't redefine engineering terminology when it suits you.

You practice tax avoidance, a perfectly legal and accepted practice. If you claim any deductions you avoid taxes on an amount of you income. If you itemize your mortgage interest you do this. If your company pays your health insurance they are avoiding taxes on your behalf by paying part of your compensation thusly.

If you hide income and do not report it you are evading taxes. That's illegal.

The rich folks tax avoidance technique was litigated. The IRS lost. It is a perfectly legal avoidance vehicle just like the ones you use.

I am still waiting for one of you confiscatorily happy folks to explain to me how Joe Sixpack benefits if Sheldon Adleson pays an extra $100m in taxes.

[KeithE]

[Sandy]

"Perfectly legal avoidances" is certainly a new way of describing tax loopholes available only to those who have enough money to take advantage of them. Just because something is legal doesn't make it moral, or right.

I've always favored a restructuring of the tax system into a proportionate system without deductions, loopholes or complicated codes. A consumption tax based on what's spent would work, if it were simply a percentage with built in cost coverage. The flat tax, once proposed by Steve Forbes, wouldn't cover the increased costs of protecting wealth.

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[Sandy]

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[KeithE]