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Originally Posted by Wet Chicken All I know is that my cousin is a Professional CPA for some of the countries biggest corporations, and he tells us all the time how they use this loop hole or that loop hole to get out of their responsibilities. By the way, his firm also does taxes for some well known movie stars, and they get the same "loop hole" treatment, so it's not just corporations, it has more to do with being rich ( ie Millionaire)
The next time I see him I'll ask him more specific information for you. Inquiring minds want to know  |
This is what I got into it with bassetman about. This is called "anecdotal" information. In other words, "I've go a friend that said blah blah blah". Who gives a rat's arse?

Your friend is wrong. Tell him to cite you the IRS Code Section that allows any corporation to get out of paying their taxes. I am a CPA and an attorney and I am continually amazed at these claims of how CPAs and attorneys find "loop holes" to get "rich" people out of paying taxes. I've got news for you--its bull$hit, plain and simple. Trust me, if I could figure out a way to get out of paying my taxes legally, I would have done it by now. Again, instead of telling us what some friend said, cite to the IRS Code Section and/or law that supports your claim, otherwise don't make it--its worthless.
Now there are legal deductions that lower people's taxes. For example, with individuals, if you own a home, you can write off the interest. That's what you are calling a "loophole". It is a valid deduction written into the tax code (and if it were up to liberals, it would be gone). A corporation can invest in areas that are desiganted as "blighted" areas--typically in large cities where the area has become run down. I can tell you there are
huge tax incentives for businesses to do that. Here in California in the city of Santa Ana, there has been a ton of investment just for that purpose.
Now, some liberal journalist would get ahold of the tax return of "Corporation A" and whine in an oh so socialistic whine about how the government favors the rich corporations because they didn't pay any taxes in 2003 and you liberals would swallow it hook, line, and sinker. What you won't see written in the rag is the fact that the corporation invested millions of dollars to rejuvenate Santa Ana (and it is being rejuvenated) and took their legal tax advantage. It is a "win-win" situation for both goverment and the corporation.
The really sad part of what I see in these debates is many of you on the "liberal high moral ground" side of the fence think you are fighting the good fight and pointing out all these things that favor the rich without having even a hint of what the hell you are talking about. You would change the entire tax code eliminating the "loop holes" (as you almost certainly would for any corporation tax deduction) without realizing that many of those "loop holes" are there for a very good reason and have a favorable outcome on society albeit someone gets out of paying as much tax as the next guy (or corporation).
Have you liberals ever wondered why this country is so much more powerful economically than any other?

Its the fact that business is permitted to be conducted with a minimum of legislative interference. It is because of some very smart and adept people who over the decades have balanced the rights of businesses against the abuses so that everyone benefits. Everyone in this country has benefitted from the way in which business has been permitted to be conducted. People from all over the world want to move here to obtain that freedom (and you liberals think they want freedom of expression!

). And the Moore-ons think they are doing us all a big favor by fighting to make the country more like Norway or Sweden or a host of other socialist countries where it is so hard to start and run a business that no one even bothers to start it. The result is the economies stagnate and everyone loses.
There is an old saying, "Be careful what you wish for". You liberals who think you're fighting to make things better for the "poor" are going to end up making things worse for everyone, including the poor. You think you'd be able to learn from the lessons of failed socialist economies all over the world, yet each one of you think that somehow you've figured out the road to Utopia!

Just tax the corporations more and free the porr and middle class people from tax burdens!
As Gbrumb (another attorney that understands the intricacies of the tax code and the laws and how they work to achieve a particular result) said, reading some of this stuff here is comical--some of the opinions are so ill-advised and so uninformed that I wonder how we (the USA) have been able to keep a competetive edge. The answer of course, is that the liberals have succeeded in poisining most of the other countries in the world and have set their sights on the USA. We've kept them from destroying the work of forward economic thinkers for decades now. It is really just unbelievable what some of you people think you want. Problem is what you "need" is very different than what you "want".