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.
Some 1,500 Oregonians have signed a petition asking Oregon lawmakers to close a tax loophole used by some corporations to get around the state’s corporate minimum tax, allowing them to pay nothing in income taxes. The tax loophole i... 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
WASHINGTON — The U.S. Treasury Department under Obama is going to cut down on a corporate tax loophole known as tax “inversion.” Reuters reported that the Treasury Department will try to prevent U.S. companies from avoiding paying U... Read Post