Closing Tax Law Loopholes


Tax law loopholes are causing the US government to waste billions of dollars every year yet so little effort is being done to close them. The bottom line is that due to various loopholes, the wealthy pay very little taxes percentage-wise whereas the middle class pay more. This also applies to profitable corporations. These loopholes are so rampant and have become such public knowledge that Warren Buffet, one of the richest men in the world, is famously known to declare that his secretary pays more taxes percentage-wise than he himself does.

One example of the tax loopholes allows subsidiaries of US corporations that have operations overseas to declare to the IRS that they pay taxes overseas while at the same time declare to the overseas governments that they pay taxes in the US.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Darrin Mish, Tampa Tax Attorney, The Law Offices of Darrin Mish, P.A. | Attorney Advertising

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