Tax Loopholes

[Lon]

Why do they make it sound or infer that it is illegal? There is a big difference between Tax avoidence which is not illegal and Tax evasion (just not paying) which is.As I am now just completing my 2015 Income Tax I am taking full advantage of every loophole in the law and thus avoiding paying any more tax than I have already paid for 2015.If those that continually harp about corporations and individuals that take full advantage of legally existing loopholes to not pay taxes don't like it then change the damn laws.

 

[QuickSilver]

No... loopholes are not illegal... because they are the result of lobbyists bribing congress to pass them into law in exchange for campaign contributions. These generally benefit only the wealthy and large corporations and are not available to the average middle income or low income taxpayer. Therefore.. IMHO while not illegal are completely unethical and perhaps even a tad immoral... If made available to EVERYONE... then it wouldn't be an issue. As for changing the law? The poor and middle class don't have several thousand lobbyists pleading their cause in DC.. nor do they donate millions to the campaign coffers... OR Super Pacs funneling dark money into campaigns thanks to Citizen's United.

 

[Don M.]

Most statistics show that those in the upper income brackets pay a lower percentage of their income that someone in the upper Middle Class brackets. The highest bracket is 39.6%....but most in that bracket pay about 18%. Corporate tax brackets are in the 35% range, but few companies pay anywhere near that....many pay virtually nothing. That is all due to the 10's of thousands of pages of tax dodges and loopholes in our Tax Codes. No one can reasonably call such a system Fair. If we had a truly Fair tax system, it could probably be written on 2 or 3 pages.

I am all for people getting rich off their innovation and hard work....but how many millions or billions of dollars does any one person really need....especially when those millions and billions are made from the labor of thousands of employees who are barely keeping up with inflation???

 

[mathjak107]

our tax system is based on the fact your fair share of taxes is whatever you can legally figure out you have to pay . it is like a game .

here are your tools and rules . now use them to your advantage and good luck .

medicaid planning is the same way when you have assets .

states do not want a load of impoverished stay at home spouses so all the tools and laws are all left in place to both protect your assets and utilize medicaid . it is done this way for a reason , as they could easily make look back forever .

so what you pay in taxes or how much in assets you can protect all depends on how smart you or your financial team are .