Re: charge offs..tax credits...legal?

Posted by Christy (152.163.252.196) on July 08, 2004 at 15:46:24:

In Reply to: charge offs..tax credits...legal? posted by catb on July 08, 2004 at 15:13:20:

It shouldn't be legal, but it probably is a tax loophole. The tax code has holes in it big enough to drive a Mack Truck through! It would take the business sector complaining and lobbying to get it closed and they are the ones that are profiting from it. I wouldn't hold my breath for anyone to close it any time soon if I were you.

If the congress critters ever got busy on closing loopholes and the collection of all taxes that are owed being paid, everyone's tax rates would drop significantly. If they won't pay it, the tax payers that do pay have to make up that tax revenue. Every year BILLIONS in tax revenue fails to get collected, and that is what they know about, yet the government cuts funding for IRS collection efforts year after year. The people that are gaming the system are the same ones making campaign contributions and are screaming for a smaller federal government.

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