Keyword: taxloopholes

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  • GOP Focuses on Millionaire Tax Breaks

    12/17/2012 9:00:27 PM PST · by Kaslin · 6 replies
    Townhall.com ^ | December 17, 2012 | Kevin Glass
    Republican Sen. Tom Coburn has released a breakdown of how much the federal government forgoes in tax revenue due to various credits and deductions that benefit everything from NASCAR owners to gamblers. It's a fairly comprehensive analysis that should get bipartisan support, but one of the categories that Sen. Coburn targets to raise taxes from may be surprising: "the rich." Coburn highlights $100 billion in tax revenue that could be raised over the next ten years by ending some of these deductions only on millionaire households. Over the 2006-2009 time period, Coburn notes, millionaires deducted over $20 billion in gambling...
  • How Congress Is Getting It Wrong

    12/11/2012 6:05:24 AM PST · by Kaslin · 5 replies
    Townhall.com ^ | December 11, 2012 | Tim Phillips
    In the current debate over the lame duck deal, the focus seems to be solely on the issue of taxes. Raising rates or closing loopholes: which will it be? After all it’s essential that the federal government increase its revenues, right? Everyone knows the government has run out of money, and talk of another debt limit debacle is already surfacing. Is the cause of the deficit declining federal revenues? Perhaps it's those pesky billionaires moving jobs and profits overseas? Or, there's always some way to blame oil companies or George W. Bush. The reality is far less flattering for...
  • How Democrats Can Get What They Want: Agree With Republicans

    12/03/2012 8:02:34 PM PST · by Kaslin · 3 replies
    Townhall.com ^ | December 3, 2012 | Kevin Glass
    Democrats have said that that their priorities when it comes to a fiscal cliff deal are to raise more tax revenue and make the tax code more progressive. Which is why it's odd to see them drawing a line in the sand on raising tax rates. Raising marginal income tax rates is one of the most economically harmful ways to raise taxes. (The only provisions of the tax code that are more damaging are the corporate income tax and taxes on savings and investments.) Perhaps the only explanation is that Democrats don't actually care about how to efficiently accomplish their...
  • Tango with the Tax Man: Multinationals Find Loopholes Galore in Europe

    11/14/2012 11:34:43 AM PST · by Olog-hai · 6 replies
    Der Spiegel ^ | 11/14/2012 | Sven Böll, Markus Dettmer, Frank Dohmen, Christoph Pauly and Christian Reiermann
    Large multinationals, many of them based in the United States, are masters at avoiding taxes on profits made abroad. Apple, for example, paid just $100 million in taxes in 2010 on overseas profits of $13 billion. But Germany would like to put a stop to the practice, and is finding some influential support. … The operations corporations launch to optimize their tax bill go by various names, including "Double Irish" and "Dutch Sandwich," but the principle is always the same. In a confusing network of parent companies and subsidiaries, foreign branches and holding companies, sales, earnings and costs are shifted...
  • Millionaires Don't Pay Taxes? 1,470 of America's Richest Didn't, According to IRS

    08/11/2011 10:28:50 PM PDT · by americanophile · 51 replies
    L.A. Weekly ^ | Aug. 8 2011 | Dennis Romero
    Southern California has more millionaires than just about anywhere else in the nation, with L.A. coming in at No. 1, Orange County at No. 4, and San Diego ranking No. 6 in cities with the most seven-figure-plus households in 2008. So maybe we should feel a little guilty, especially as President Obama and the GOP are headed toward draconian federal cuts, the United States' credit rating is down a notch, and the stock market is diving like a conservative congressman in a bathroom stall. Because many millionaires and billionaires, it was revealed today, don't pay taxes like you and me:...
  • JOURNALIST TOM ELIAS DOES LOOP-DE-LOOPS ON PROPERTY TAX LOOPHOLES

    07/29/2009 3:27:42 PM PDT · by WayneLusvardi · 2 replies · 312+ views
    Pasadena Sub Rosa ^ | August 28, 2009 | Wayne Lusvardi and Charles B. Warren
    A recent column by California statewide syndicated newspaper journalist Thomas Elias indicates just how bad newspaper journalism is. Elias is so eager to find loopholes in California Prop 13 that he loses any semblance of journalistic competency or ethics. Elias is apparently unaware he is just going around in circles about tax loopholes just as a stunt pilot does loop-de-loops in an airplane. In an article in the Redding-Searchlight newspaper of July 28 ("Budget Leaves a Loophole Wide Open") Elias hasn't got a clue what he is talking about when it comes to property tax loopholes - link: http://www.redding.com/news/2009/jul/28/budget-leaves-a-loophole-wide-open/ Here...
  • Arianna Huffington's Green Acre$

    08/14/2003 9:02:50 AM PDT · by Registered · 39 replies · 273+ views
    Registered ^ | 08.14.03 | Registered
  • California: Why not look first at closing billions of dollars in tax loopholes?

    02/04/2003 6:33:04 PM PST · by Ernest_at_the_Beach · 6 replies · 166+ views
    The Sacramento Bee ^ | Tuesday, February 4, 2003 | Dan Walters -- Bee Columnist
    <p>Let's say your family finances have been doing well enough lately that you can indulge your long-held desire to acquire a boat for family outings on a nearby lake or river, and you choose an 18-foot, $18,000 runabout at your local boat dealer. When the salesman writes up the paperwork, he adds about $1,400 in sales taxes.</p>