Your Opinion: Time to close tax loopholes
Wednesday, July 27, 2011
As an individual citizen, I find it ridiculous for politicians to continue to protect “Big Business” given the recent news about the Federal Reserve (Its board members are also on the boards of banks who secured huge sums of no-interest bail-out monies from the Federal Reserve.)
It is terrible to permit companies or wealthy individuals to end up paying little or no taxes. Come on! The tax loopholes must be slashed: no company should be able to use loopholes to avoid taxes; no one should get a “bye” on taxes for second/third homes and airplanes; no offense intended, but farmers should not get money to “not” plant crops. Most farm subsidies help big agribusinesses, not our familyowned and –run farms.
If you can afford to pay for a luxury item, you can afford to pay taxes on it. Big businesses are not creating new jobs here in the U.S.; they are taking their work to other countries and sheltering their monetary gains there, waiting for “one time only” “tax free” opportunities to bring their profits back to the U.S. and provide their executives with huge bonuses and thank politicians for this opportunity by donating to their campaigns.
Make America’s tax system fair and just. If a small person doesn’t get a loophole, a rich person should not get it and the language of the tax regulations must be plain enough so any person can understand the tax code without having to hire a CPA. We need to take the financial “reward” system out of the tax code. Bar our government officials from accepting anything from lobbyists.
If a company has gotten tax breaks in the past and then takes its company oversees, it should repay all taxes not assessed due to its tax breaks. Make it harder for companies to take their companies overseas. No one gets loopholes anymore.
I am a Republican but right now I don’t care who gets the credit for what. I’d hate to see it, but even if Obama or McCaskill came to the fore and made these great decisions, I’d support him/her. We need some guts to do the equitable thing. Politicians are all so power hungry and afraid they’ll lose their next race. Well, right now we need more “Mr. Smiths” in Washington, not politicians.
“Term Limits or Bust” ?? ... maybe, but right now I say “Do it or lose it.”
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