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Tax Loopholes Block Efforts on U.S. Deficit

loopholes taxes deficit

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#1    questionmark

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Posted 21 July 2012 - 04:32 PM

NY Times said:

WASHINGTON — As a member of the “Gang of Six,” Senator Mike Crapo of Idaho has emerged as something of a hero among advocates of bipartisanship, one of three conservative Republicans working with three Democrats to cut the deficit by closing loopholes that allow businesses and households to avoid paying taxes.

Yet earlier this year, the senator made sure that a $3 billion loophole — protecting “black liquor,” an alcoholic sludge used as fuel in timber mills and factories — remained open in the negotiations over the highway bill that President Obama signed this month. Many budget experts criticize the loophole as a tax dodge because it allows the sludge to qualify for an energy subsidy created to wean the country off imported oil for vehicles, which black liquor does not do.

On Capitol Hill, lawmakers casually point to closing loopholes as the answer to much that ails the country. Negotiations to avoid automatic military spending cuts in January, to enact sweeping deficit reduction and to lower corporate and personal income tax rates all hinge on closing unidentified loopholes.

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Edited by questionmark, 21 July 2012 - 04:33 PM.

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#2    Super-Fly

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Posted 21 July 2012 - 04:36 PM

Cant beat a good loophole!

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#3    jugoso

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Posted 21 July 2012 - 05:32 PM

View Postquestionmark, on 21 July 2012 - 04:32 PM, said:


Take the o off his last name and that´s what I think about it!!

"Freedom is free of the need to feel free.
Free your mind and you ass will follow.
The kingdom of heaven is within"
G.Clinton





Also tagged with loopholes, taxes, deficit

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