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Will Obama Reluctantly Buy Into Base-Broadening Tax Reforms That Also Lower the Rates?

kenneth416 Wrote: Mar 08, 2013 11:42 AM
Can someone please explain the "loopholes" often cited by Obama that are depriving the government of significant income? Specifically, what tax breaks do oil and gas companies enjoy that other corporations do not? And, exactly what is "carried interest" which apparently allows hedge funds to pay taxes on "income" at only 15%?
Jeff2422 Wrote: Mar 08, 2013 12:23 PM
Have you seen the tax code in print lately. Eseentially, it is porkopolis. When I studied it in law school, there were provisions that sounded innocuous, but when you really thought about them, they only applied to a certain corporation or set of corporations because the deduction or credit applied to a very narrow set of circumstances. While no provision specifically names a corporation, it is not hard to figure out who is getting favored treatment. For instance, in the last bill past, Nascar tracks are getting a credit for maintenance, Hollywood is getting exemptions for making pictures in the US, Buffet is getting a very specific deduction for a company that he owns through Berkshire Hathaway. There are thousands of these (cont)
Jeff2422 Wrote: Mar 08, 2013 12:25 PM
kind of favored tax payers in the code. There have been estimates of at least tens, if not hundreds of billions, that could be collected, but for the special treatment. On this score, Dems and Repubs are both guilty of allowing this practice to go on and on and on.

WASHINGTON - President Obama has been pleading with House Republican leaders lately to raise government revenues by overhauling the tax code to erase loopholes and other income exemptions.

It wasn't an idea he campaigned on last year, though the chairmen of his deficit reduction commission proposed doing just that in a report he shelved. But they also wanted to use the higher revenues to offset lowering the tax rates in order to boost economic growth, jobs and investment, which in turn would boost tax revenues and reduce the deficits.

But cutting tax rates doesn't play well with Democratic voters or...