What constitutes a loophole? If you “close a loophole,” you increase taxes, i.e., revenue. The is the same difference as calling an illegal alien an undocumented worker. Playing word games may fool some people, but it won’t fool the Tea Party. If the Reps cave, we need a third party. We may lose in the short run, but it is the only way we can break the stanglehold of the current one party establishment with two wings.
So you want to let GE keep their loop hole and pay no tax...fine go ahead. Loop holes need to be tightened or closed and the tax code simplified. We have the highest corp tax rate in the free world. So the GE’s of the world keep the money offshore. The rate needs to come down to at least 15%.
I use the loop holes in my own buiness, I pay virtually no US taxes on my business. Why? I take my profits in China since the rates are much lower.
You may think I’m scum for doing that, but I don’t care, It is my money, I earned it, my employees earned it, my company earned it. I employee 1900 plus employees in China, 7 in the US.
Until this government stops it’s anti business tactics I will keep on doing it the way I am.