BroccoliFarmer
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I wish I could agree with people and their thinking that every tax deduction is a loophole. Most of these so called 'loopholes' have a valid tax and policy implication. (a good example is research and development...they are trying to promote people to come up with new ideas by giving people generous tax breaks. The big one is the qualified small business stock exception where the first 10m of profit is tax free..again, as an incentive for people to start businesses). The problem comes into play is when people start seeing these policy encouragements as a profit center. A great example of this is the concept of 'cap and trade' These carbon tax credits represent a significant part of Tesla's operating income...they sell their tax savings to others.Ohh, it would be a business. More to throw at all the loop holes out there lol.
So I would suggest we stop calling them loop holes and talk more about a simplified tax code.