The value of U.S. tax breaks exceeds $1 trillion, which may give both parties potential areas to cut costs and alleviate the cost of changing the tax code, the Wall Street Journal reported, citing a study.

The Congressional Research Service report found the biggest tax break is likely to be valued at $164 billion annually in 2014 and is on employer-provided health insurance, while employer-provided pensions are the second-biggest exclusion at about $163 billion, the newspaper said.

The study said the most that might be gained in additional tax revenue from eliminating tax breaks was $1

Originally posted by fnpmitchreturns


The system is gamed and all of these tax loopholes. The definition of "income" is so skewed by the tax code it isn't funny. The lobbyists and other groups which have pushed through what are actually tax subsidies to all of these companies and people who have tax deductions.

And in the text is this, "The study said the most that might be gained in additional tax revenue from eliminating tax breaks was $150 billion, because of political opposition and technical hurdles, the newspaper said. "

This is just the realization that the corporate world will just find another way to avoid the tax.......

the truth is that companies are very good at avoiding paying taxes and there needs to be a min tax on corporate profit to stop companies like GE who paid about 2 percent on $82 Billion in profit during the last 10 years.

www.bloomberg.com
(visit the link for the full news article)

Originally posted by fnpmitchreturns


The system is gamed and all of these tax loopholes. The definition of "income" is so skewed by the tax code it isn't funny. The lobbyists and other groups which have pushed through what are actually tax subsidies to all of these companies and people who have tax deductions.

And in the text is this, "The study said the most that might be gained in additional tax revenue from eliminating tax breaks was $150 billion, because of political opposition and technical hurdles, the newspaper said. "

This is just the realization that the corporate world will just find another way to avoid the tax.......

the truth is that companies are very good at avoiding paying taxes and there needs to be a min tax on corporate profit to stop companies like GE who paid about 2 percent on $82 Billion in profit during the last 10 years.

www.bloomberg.com
(visit the link for the full news article)

Originally posted by The Old American

Originally posted by fnpmitchreturns


The system is gamed and all of these tax loopholes. The definition of "income" is so skewed by the tax code it isn't funny. The lobbyists and other groups which have pushed through what are actually tax subsidies to all of these companies and people who have tax deductions.

And in the text is this, "The study said the most that might be gained in additional tax revenue from eliminating tax breaks was $150 billion, because of political opposition and technical hurdles, the newspaper said. "

This is just the realization that the corporate world will just find another way to avoid the tax.......

the truth is that companies are very good at avoiding paying taxes and there needs to be a min tax on corporate profit to stop companies like GE who paid about 2 percent on $82 Billion in profit during the last 10 years.

www.bloomberg.com
(visit the link for the full news article)

Corporations are good at following the tax rules that allow them to avoid paying taxes. It's all above-board and quite legal. If it wasn't there would be many more Bernie Madoffs in prison.

Don't blame corporations for following the rules that Congress created. Blame Congress for allowing themselves to be in the back pocket of corporations.

/TOA