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The money the states are losing to lost sales tax revenues pale in comparison to the money lost to esoteric corporate tax loopholes. Those loopholes were sacros
by mullingitover 14y ago
The money the states are losing to lost sales tax revenues pale in comparison to the money lost to esoteric corporate tax loopholes. Those loopholes were sacrosanct to the republicans in recent negotiations over the debt ceiling, tantamount to a tax increase. In this case apparently it's ok with (many of) them.
- duck 14y agoThe money lost to esoteric corporate tax loopholes pale in comparison to the money lost to entitlements.
- mullingitover 14y agoThe thing about money "lost" to entitlements is that it's not really lost. It's spent immediately and generally contributes a great deal to the economy. On the other hand, money lost to tax loopholes generally ends up enriching people who are already wealthy and are less likely to circulate the extra capital.
- twoodfin 14y agoNot that it matters at this point, but "closing loopholes" was not President Obama's tax position during the debt ceiling negotiations. He cleverly made a big deal about a penny-ante change to private jet depreciation, but the meat of his proposal was a combination of higher rates and lower deductions for high earners. Neither of which could be properly described as loophole-closing.