IRS To Close Major Tax Loophole (What You Need To know)

IRS To Close Major Tax Loophole (What You Need To know)

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[melvinfisher]

1 trillion every 100 days.
Why in the flying frisbee are we even paying taxes at this point.
Our government is a joke. Both sides!

[eli-bthe]

For those who are too lazy to Google it for themselves: the bottom 40% of households and 47% of individuals pay either zero or net negative income taxes. The top 10% pay 90% of income taxes. Let's start with those figures when discussing "paying your fair share".

[titolefranc]

Every Politician needs to understand the "Velocity of Money."

[SouthernGalPal]

Everyone forgets that 99% of businesses in America are small businesses.

[dannyrivera]

Lmao his impersonation of Biden is spot on.

[alexandru]

Just do a flat tax and close all the loopholes not hard. Remember 47% of people pay no or negative income tax

[tomsmith]

Stop all the child Tax credits and people who a own small business. Most of them GAME the system and pay no taxes.

[BobbyMucka]

Listen, it would generate $50B over the course of TEN years. The US Government SPENT more than $50B every THREE DAYS in 2023. That's like emptying a bottle of water in the ocean and thinking you made a difference.

[thebes]

The Government needs more tax money to throw down the toliet. If it would quit spending it all like a drunken sailor they would not need to shake down everyone.

[richard]

I dont see how the IRS can close a loophole by itself. Isn't it written into the tax code which is defined by Congress? And if the tax code weren't so complex in the first place, it wouldn't be as open for "abuse".

[tscoff]

I’m dreading what’s going to happen in 2026 when Trump’s tax cuts expire! That’s going to cost me at least a hundred dollars every paycheck!

[ALPHA-ROTH]

2% sales tax on everything, end income tax and payroll taxes. the w2 income earners lose 12% of their income right off the top and they have no idea its happening.

[ultrahighgain]

I'll bet Ken thought bailing out the banks was just fine.

[petervanderveen]

The only reason that things are messed up is because there are too many people voting. If all the people who make their living from some form of gvernment support should be disqualified from voting, whether it be from employment, welfare, Social security, etc.

[AbstractCatsMedia]

"Loophole" is political speak, for "legal method of saving money, from taxes", some people don't like.

[cs]

I don’t like taxes at all. I also think that if I have to pay taxes, so should people like Jeff Bezos and companies like Amazon. If they can get away with no taxes, ordinary people should get all the loopholes as well.

[tzuqbts]

All this is so absurd. Just get rid of all taxes and replace it with a single, simple sales tax. Imagine the vast resources wasted by the population in trying to navigate our labyrinthine tax code.

[wwildman]

Yes I would like to pay less taxes and I would like to eat chocolate cake for breakfast. We need to grow up and start feeling the pain of what we actually spend in government. Taxes need to go up on the rich and everyone else. The worse thing conservative leaders did was cut taxes and balloon government spending with borrowed money. We need to raise taxes on everyone so our budgets are balanced and create the negative feed back loop that will put pressure on politicians to cut spending. If your not for this your not a fiscal conservative. The government will never cut spending when everyone has low tax rates and they can borrow short term with seemingly no consequences. If you actually want smaller government this is the way. If we taxed properly our tax rates would be as high as any socialized european country except wouldn't have the same government services they enjoy like healthcare and paid family leave ect…. Where is all the money going in this country?

[YourLocalAgent]

It certainly is attempting to avoid paying what should be owed in taxes if it is a loophole and not a structured way to reduce the taxes owed. Not saying it's right or wrong (taxation is theft) but if you are hunting for loopholes you are going around the intention of the law. A loophole might be "legal" but it circumvents the purpose of the tax bill.
* Separate from the conversation about whether more or less tax is beneficial.

[patrickm]

How many times can you say “is is is is” in a sentence?