Also, a lot of things people refer to as tax loopholes aren’t actually gaps in logic. A lot of them are things that exist for a logical reason, but are being applied in a way that isn’t intentional.
Things like “I own a convenience store, my wife and kids work there” which then gets used when some billionaire spins up a subcontractor of his business, hires his wife and kids as the only employees, and then assigns his house as an asset owned by that business and uses it to siphon away expenses or whatever.
I’m not a tax lawyer either 😛, but the point is that a lot of the loopholes exist for a sensible purpose, but are being chained or applied outside their original purpose.
If only we had some sort of investigative and regulatory arm the would stop silly uses of reasonable laws like that. Oh look; they gutted the IRS budget again… Hmmmmmmmm.
Also, a lot of things people refer to as tax loopholes aren’t actually gaps in logic. A lot of them are things that exist for a logical reason, but are being applied in a way that isn’t intentional.
Things like “I own a convenience store, my wife and kids work there” which then gets used when some billionaire spins up a subcontractor of his business, hires his wife and kids as the only employees, and then assigns his house as an asset owned by that business and uses it to siphon away expenses or whatever.
I’m not a tax lawyer either 😛, but the point is that a lot of the loopholes exist for a sensible purpose, but are being chained or applied outside their original purpose.
If only we had some sort of investigative and regulatory arm the would stop silly uses of reasonable laws like that. Oh look; they gutted the IRS budget again… Hmmmmmmmm.