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.
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.
Tax policy should make sense and have an objective, growth of US jobs and increasing investment in the US. It is one thing to assume the government has the right to take our property without limit and another that our tax policy should work to the benefit of this country. I have no problem with you using the existing "loopholes" any more than I should apologize for my mortgage deduction or that 18% of my investment portfolio is in emerging markets, mainly China and India.
The use of the word "loopholes" is unfortunate. It makes it sound like people are cheating or doing something wrong. Many of these "loopholes" exist for good reasons whether it has to do with corporate jets or yachts. They result in thousands of good paying jobs for many Americans. Closing some of them could have unintended consequences.