What does that mean, anyway? The push to remove tax breaks, aka tax loopholes, has some people apoplectic. Can't be done, shouldn't be done, will elminate jobs!
When I posed that question to a friend of mine, he answered that if we get rid of tax breaks for people who buy corporate jets, cabin cruisers, and the like for personal use, and take off the maintenance as a business expense, those people will stop buying those high ticket items. And that in turn will eliminate jobs for those people building such stuff.
I asked my husband what he thought of that argument, and he replied, that it wasn't only the US citizenry who were buying those goods, but also plenty of wealthy people abroad! Probably true enough, so there will always be a market.
I also wondered how we could justify those arguments when we just stopped the NASA space program, and that left 9,000 people out of a job! And companies like Cisco and Abbott are laying off hundreds, perhaps thousands, and they have nothing to do with pricey executive toys.
But let's take the real estate tax break away? I'd bet that the wealthy would then have their houses listed as "executive retreats" and again, another tax break.
But there's more, so read on...after Day 156!
When I posed that question to a friend of mine, he answered that if we get rid of tax breaks for people who buy corporate jets, cabin cruisers, and the like for personal use, and take off the maintenance as a business expense, those people will stop buying those high ticket items. And that in turn will eliminate jobs for those people building such stuff.
I asked my husband what he thought of that argument, and he replied, that it wasn't only the US citizenry who were buying those goods, but also plenty of wealthy people abroad! Probably true enough, so there will always be a market.
I also wondered how we could justify those arguments when we just stopped the NASA space program, and that left 9,000 people out of a job! And companies like Cisco and Abbott are laying off hundreds, perhaps thousands, and they have nothing to do with pricey executive toys.
But let's take the real estate tax break away? I'd bet that the wealthy would then have their houses listed as "executive retreats" and again, another tax break.
But there's more, so read on...after Day 156!
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