So naive. Do you not realize that the only reason the loopholes are there in the first place is because some lobbyist working for a corporation put it there?
If they actually do close the loophole, it's because another corporation paid more than the one who put it there.
There will always be loopholes as long as there are lobbyists. The only solution is to move to a flat tax with no deductions on worldwide income. Something in the 20-25% range. That's more than the effective rate (18%) and less than the statutory rate (35%) so both sides will be happy.
Unfortunately, this will never happen because our elected officials like the current system because it pays for their elections.
Welcome to the real world samiwas.
I'm naive? I have said the exact same thing you just did on several occasions. In fact, just a few posts above I said this:
I'm all for it. Lower the corporate tax rate, and remove all deductions. Make it simple. You make money, you pay money. Done and done. Lose all the big teams of accountants and lawyers and send them packing.
(EDIT: Actually, the only deduction should be for actual taxes paid already on profits to other governments)
Going to a flat tax with no deductions is removing loopholes.
I've also talked on many occasions about how companies can say "Hey we follow the rules!" because they wrote the rules. Two of them being these, also from this thread:
Of course. But it really helps when your friends write the rules. That doesn't mean the rules are right. It also doesn't necessarily mean that the rules are being followed as they were intended, hence the term "loophole".
Of course not. It's like someone being best friends with their HOA president, having rules changed for them, then saying "Hey, I just follow the rules!". When you're friends with the ones who make the laws, of course the laws will be crafted for your benefit. And then you act all innocent because "you just follow the laws"? Please.
Welcome to reading comprehension, Dmunjai.