The United States tax code will never be accused of being simple or easy to comprehend. With a tangle of exceptions and loopholes, individuals and corporations can work their way around paying their full income tax rate with ease.
According to The Detroit News, General Motors continues to avoid paying its federal income taxes since the company exited bankruptcy. In 2008, the Treasury Department ruled that the automaker could use $18 billion in losses from "old" GM to offset any profits.
Michael Tomasky points to tax expenditures, deductions and loopholes for individuals and corporations, as the way out of our deficit trouble. He's obviously right. It's rare that you get a chance to reduce tax rates and increase tax... Read Post
Jim Cramer just went on a great Twitter tirade about the outrageousness of the tax loophole that allows hedge-fund and private-equity managers to pay 15% "capital gains" taxes while you and I pay much-higher "ordinary income" rates.... Read Post