Tax loopholes | BrainerdDispatch.com | Brainerd, Minnesota

Tax loopholes

Posted: December 14, 2012 - 6:55pm

Tax loopholes

As I listen to and read about the debt problem that the leaders of the country are trying to solve. I see a lot of misinformation and hear things said that if education where ever it is obtained could remove from the airways or conversations. Cutting loopholes does not increase revenue it just recognizes it, loopholes are just spending in the tax code so cutting loopholes is just cutting spending not finding new revenue, or creating new revenue when moving something from one side of the ledger and moving it to the other you just change the sign.

However, you can’t call something one thing today and something else tomorrow. This may be a matter of semantics but most discussions politic are and we have wordsmiths working hard at crafting sound bites that sound like truth. I listen to discussions of taxes and I doubt that many really understand how progressive income tax works or is supposed to work that seems to include many of our elected leaders. We all should pay the same amount of tax at each level of taxation and we all that are in the next bracket pay the same and so on until we reach the top bracket. If we figured in capital gains and taxed them the same way we taxed other income that we sweat for that would take care of the tax problem that we have. If we eliminated tax loopholes which are really welfare for the more fortunate among us that, would take things to a surplus I believe these actions might have unintended consequences. These would stir the pot, I personally be- lieve that the capital gains tax puts a monetary value on human life and it is very low.

Jesse Nix

Emily