GOPwinger Lies/Distortions/Omissions/Perversions of Truth Message Board

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Politics : GOPwinger Lies/Distortions/Omissions/Perversions of Truth

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To: J_F_Shepard who wrote (145499)	11/4/2008 5:48:50 PM
From: TimF	Read Replies (1) of 173976

Depends. "Loophole" is a somewhat subjective term. Esp (but not only) in regards to corporate deduction of expenses. Corporations only pay corporate income tax on profits (they do pay other forms of taxes, such as real estate taxes, excise taxes, etc. but those aren't really relevant here, since I believe your talking about avoiding income taxes, not avoiding any form of taxation). If corporations don't have profits they don't pay taxes. Is that a loophole? I'd say no, but the question of what part of the revenue is profit isn't as simple as it seems. There are generally agreed on account standards, and there are laws, tax regulations, and regulatory interpretations that detail it, but its very complex. So looking at areas that businesses can claim as expenses different people will see different things that they consider loopholes rather than legitimate expenses. Also some things that corporations aren't allowed to expense or deduct as expenses might be considered legitimate expenses (sort of a reverse loophole).

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