Posted on 02/13/2004 7:42:49 PM PST by GeronL
WASHINGTON -- The chairman of the Senate Budget Committee asked the Treasury Department on Friday for a list of known tax loopholes, pledging to halt abuses and plug one transaction he called "a shell game."
The statement from Oklahoma Republican Don Nickles adds tax avoidance to the items under scrutiny as lawmakers work to reduce the federal deficit.
"If we can ... discover some other things that are really abuse of the system, we should shut them down earlier rather than later," Nickles told Treasury Secretary John Snow during a committee hearing.
Nickles said Congress should look closely at abuse and incorrect payments made under the earned income tax credit, which refunds payroll taxes to some working poor families.
And a transaction used by corporations to increase their tax deductions made his target list.
In those arrangements, municipalities sell or lease public works -- such as subways, bridges or water systems -- to a corporation in exchange for a payment. The corporation deducts from its taxes the depreciated value of the infrastructure. The local government retains control of the public works.
(Excerpt) Read more at newsday.com ...
Wonderful
We know it's being carefully measured out and spent wisely.
It's gonna get vetoed.
As for Don Nickles, he's a conservative's conservative and a man of integrity. Maybe y'all should find out a little more about him before you jump on his back.
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