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how about corporate welfare and bailouts - that's also undemocratic.
So why do they continue to exist?
Silly. Those things continue to exist because corporations continue to bribe our elected so called representatives. Thus we have a legislature that is the best that money can buy.
I should also ask what is a loophole? A tax law you don't like?
How about the tax loophole for low income?... you know, the one that allows them to pay no federal income tax, and in some cases they get more back than they paid in.
Most of them are quite complicated and you can read about them at the following links:
"Tax and accounting loopholes that largely benefit rich taxpayers and companies cost the government $20 billion a year."
"The true effective rate for multimillionaires is actually far lower than that indicated by official government statistics. That’s because those figures fail to include the additional income that’s generated by many sophisticated tax-avoidance strategies. Several of those techniques involve some variation of complicated borrowings that never get repaid, netting the beneficiaries hundreds of millions in tax-free cash. "
" It’s known as unrealized appreciation or “a variable pre-paid forward contract,” the strategy has allowed billionaires like Billy Joe “Red” McCombs and others to earn hundreds of millions of dollars without having the money classified as taxable income." The Billionaire’s Tax Loophole - The Wealth Report - WSJ
They aren't loopholes. They are tax laws. Loopholes are things that happened that weren't forseen or intended. That is not the case here.
All loopholes are tax laws. They are tax laws that allow primarily the wealthy to avoid paying fair taxes on income, or even no tax (see above). If someone earns millions of dollars and pays no income tax on it because of clever accounting with current tax laws, then I think that's unfair, and I don't know why you wouldn't find it unfair, unless you like subsidizing millionaires.
Most Americans are paying enough taxes. But the top 0.5 %, no way.
Well there is a BIG difference between the top 2% that Obama went after and his buddies who are in the 0.5%. In other words, Obama just made it harder for you to make it big. The 0.5% are already there and can work around Obama.
In 2009, six tax filers among the country's 400 richest tax filers, who earn an average of $202 million a year, owed absolutely nothing in federal income taxes, according to the IRS.
There are at least a dozen in the links I posted above. All I would be doing is cutting and pasting, so go read about them there.
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