Oh, don’t get me started on “loophole”. What an inaccurate word!
If it is legal, and part of the law, it isn’t a loophole.
Is declaring a church non-profit a loophole?
Is filling jointly a loophole (hey, the Gov could make MORE money but forcing everyone to file as single)?
Is having a home mortgage a loophole? Wouldn’t it be better to not allow this deduction? BUT...
The mortgage deduction is a relief on the middle class that helps encourage home ownership and a better lifestyle. The taxpayers, otherwise known as citizens, by virtual of their votes, want it.
So each and every “loophole” is to measure warranted and approved by the American people. That makes them NOT loopholes but rather circumstances the voters want.
Heheheh. My point was that it swings both ways. Like the WIC and EITC loopholes, where people get money for nothing.
Taxing income is patently un-American and immoral in the first place.
None of those guys memorialized in Granite in Washington ever paid a penny to the "IRS".
It is not a loophole in any sense. A net operating loss carryforward is allowable under section 172 of the Internal Revenue Code.