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Galling Tax Loopholes that Cost the U.S. Government Billions

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Google's European headquarters are on Barrow Street, Dublin, Ireland.  Photographer: Paul McErlane/Bloomberg
Paul McErlane, Bloomberg via Getty ImagesGoogle's European headquarters are on Barrow Street, Dublin, Ireland. Google utilizes the "Double Irish" arrangement to minimize its U.S. taxes.
By Walter Hickey

It's tax time, and most Americans are trying to figure how much they owe the IRS. Still, many corporations and wealthy individuals have already prepared for the big day by assiduously spending money in deliberate ways to minimize their tax liability.

The result is billions in lost revenue for the government every year.

These are just some of the most galling tax deductions that are perfectly legal.



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Rob

Loopholes not. Are you upset because the farmer or construction worker can depreciate their truck. What are they going to haul their tradecraft and materials in - a Prius? Money earned overseas is not subject to taxes unless brought into the country - how does that not make sense? Most CEO's probably do need the extra security especially if they are high profile.
Some of these could go by the wayside but by and large I would not call all of them outrageous. If you actually live in a houseboat would you allow the mortgage interest deduction for that. I think after you reach a certain income level you pay the AMT anyway so some of those deductions go away. Just more sniping at those who may have money and use what is available in the code.
What does not make sense in the tax code is giving earned income credit. What is that really? Welfare that is what it is. How about child care tax credits isn't that merely your cost of having a family? You already get a deduction for the children and child tax credits, at least unless you make too much money. Use that to offset your daycare expenses.
Want to save the country some money - stop paying unwed mothers. Even though I don't personally approve how about we just pay for the condom or birth control and if you still have a child you are on your own hold the man, for lack of a lessor word, responsible to provide for the child. One has to wonder if the high birth rate among unwed girls is due in part to how they are supported by the state.

April 13 2013 at 12:22 AM Report abuse rate up rate down Reply
hap0749

I think if we went back to the 1950's tax codes and the wealthy had to pay % wise 91 or 92 percent with the loopholes they had back then or stay with what they have today? they would want to stick with today's tax rates. WHO YOU KIDDING. LOL i just feel if everyone wants to be honest, flat tax is pretty simple start at 15% for everyone no credits or loopholes for kids or income! just a simple tax code you get a buck in your hand no matter how, pay 15cents until we fix things up.. then we drop it to 10cents or lower. Mitt paid 13% with millions I pay 28% in middle class? yea less change up. lol

April 12 2013 at 2:08 PM Report abuse rate up rate down Reply
rankincap

These are not loopholes any more than earned income credits, , child care credits, or any other deductions or credits, they are all called the United States income tax code. Blame congress and the Presidents for the last 50 year or more. For get saying that income tax rates used to be up to 90%, during that time therewere more ways to not only have deductions but a dollar could be turned into six dollars of deduction. Remember also when you book profits in a foreign country, to bring it back to the US you pay full income tax less a deduction for the tax you paid in the foreign country. That mean our tax code keeps billions overseas never to be used in the US. Blame congress and the Presidents, unless you are one that writes a check to the government every April 15 for a gift above what you owe. Don't blame anyone for doing their taxes according to the tax code. Change the entire tax code,

April 12 2013 at 11:27 AM Report abuse rate up rate down Reply
Hitmanblues

Until the loopholes for the rich and the beg corporations are stopped this country will stay in debt and continue to have recessions and finally collapse as did with past empires in history due to the greed of these type of individuals and corporations adding in the oversized gov't we have..history proves this to be a fact.

April 12 2013 at 12:23 AM Report abuse rate up rate down Reply
1 reply to Hitmanblues's comment
Brutal

LMAO ... you foolish imp. The money saved by taxpayers due to using tax loopholes amounts to almost nothing related to the Nation\'s Debt. It would barely be a dot on a graph the size of a jumbotron. However, the money saved by corporations and individuals via tax loopholes is used to further stimulate business and the economy rather than being vaporized by a government that wastes half of what it receives in tax revenue. No doubt, you are a product of the Left. One day you will realize you have been lied to.

April 12 2013 at 5:27 AM Report abuse rate up rate down Reply
lucy88lucy

Well if Barry wasn't paying for everyone babies,giving out food stamps and providing free mobama care taxes would not need to be so high.

April 12 2013 at 12:11 AM Report abuse +1 rate up rate down Reply
Hitmanblues

If the loopholes for the rich and the big companies would be cut out we would not be in a recession it is the cause of the problems economically in this country to begin with and was the cause of failed empires in history along with the final element called to beig of gov't.

April 12 2013 at 12:03 AM Report abuse rate up rate down Reply
gzm586

and these corporations paid for OBAMAS re-election gee thats funny hmmm

April 11 2013 at 11:40 PM Report abuse -1 rate up rate down Reply
david

WE need to have a consumption tax. That is the only fair way to tax people. The problem is the libs won’t do that because they won’t be able to steal from the middle class and the conservatives won’t be able to give corporations breaks. Both parties are thieves. The answer is simple. STOP paying taxes. If we don’t give them money they will go away and look to steal it from somebody else.

April 11 2013 at 11:33 PM Report abuse rate up rate down Reply
alscottinc

Dear Libs, Coprorations do NOT pay taxes. You and I pay those taxes through higher cost. So, ok, let's raise our taxes even more??????

April 11 2013 at 11:18 PM Report abuse rate up rate down Reply
rossingnole152

Says the guy that misspells "Corporations" on his little mottled sign. What a giant laugh.

April 11 2013 at 11:07 PM Report abuse rate up rate down Reply
2 replies to rossingnole152's comment
jelun

LOL, you might want to develop a better vision.

April 11 2013 at 11:16 PM Report abuse rate up rate down Reply
david

Thank you, God for pointing that out. It’s great that an infallible deity looking over the posts to make sure he can bury his heal on the throat of anybody who would have a typo. Way to go LOSER!

April 11 2013 at 11:36 PM Report abuse rate up rate down Reply