11 votes

Are You For Closing Wasteful Tax Loopholes?

I hear politicians say we need to "close wasteful tax loopholes" and "stop subsidies to oil companies" in their speeches. Alright, Obama says this all the time but I would criticize the Pope if he had said it too. What exactly does it mean?

First some definitions (from Google):

Tax: a compulsory contribution to state revenue, levied by the government on workers' income and business profits or added to the cost of some goods, services, and transactions.

Subsidies: a sum of money granted by the government or a public body to assist an industry or business so that the price of a commodity or service may remain low or competitive.

So a tax is stolen from a worker or company by the government and a subsidy is the government giving the money back to a company or worker. Usually the tax is taken from someone and the subsidy is given to someone else.

Ok, got it!

Now, if the government "closes wasteful tax loopholes" to "stop subsidies to oil companies", doesn't that mean that the money you earn is the property of the state and they allow you to keep some?

Let me see if I got this! The subsidy is the government lowering taxes. In other words, a sum of money granted by the government is less compulsory contribution to state revenue.


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Not a popular opinion, I know, but...

IMO many (most?) of the highlighted loopholes are examples of corporatism in progress. Big industry gets favorable treatment from government at the expense of either 1)small players or 2)competing industries, or 3)consumers.

I usually favor closing loopholes for that reason. If the chosen industries need tax breaks so badly, well then we all need them. Close the loopholes and lower it for everyone.

I'm voting for Peace.

Dr Paul "I believe in a flat tax, but I'd make it real flat..0%

The best option, I think.

"Hence, naturally enough, my symbol for Hell is something like the bureaucracy of a police state or the office of a thoroughly nasty business concern." ~~C.S. Lewis
Love won! Deliverance from Tyranny is on the way! Col. 2:13-15

i rather not be taxed at all

but i do believe in small government. cutting taxes by half would be a good start in my opinion.