A tax deduction is not a loophole. It is a legal deduction permitted by congress. Repeat.
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Every “loophole” is a legal deduction written into the tax code and passed into law by a group of congressmen. The fact that some “loopholes” affect a very narrow, even sometimes, as small as one, corporation or group, does not make it less legal.
“Getting rid of loopholes” applies to any legitimate tax deduction, but it has become a shorthand phrase for getting rid of the deductions for one group of people instead of another group of people.
agreed
like the ATM was for those earning over 100k in the 60’s. but now that inflation/debasement of pay has pushed many into this no deduction category.
each party wants to grant favors to their supporters. one party’s favors/deductions is the other party’s loophole.
the republicans should put out there that the dems want to close the mortgage/property loophole and close the muni bond loophole, whenever the dems start changing the terms of the discussion.
IT never works. What happens is that they raise prices or cover the loss in another way and the consumer pays anyway. Its always a red herring.