The Joseph R. Biden Score Card

They are tax exemptions like it or not.
The only thing that qualifies as a 'loophole' is when something is not allowed in the tax code, and good luck finding a 'real' loophole.

Your citations are simply metaphors and euphemisms for LEGAL tax 'exemptions'

IOW Exemptions are 100% legal and are not loopholes in tax law.

What Are Tax Exemptions?

Written by a TurboTax Expert • Reviewed by a TurboTax CPA
Updated for Tax Year 2017 • February 13, 2023 06:25 PM

Tax exemptions come in many forms, but one thing they all have in common is they either reduce or entirely eliminate your obligation to pay tax. Most taxpayers are entitled to an exemption on their tax return that reduces your tax bill in the same way a deduction does. Federal and state governments frequently exempt organizations from income tax entirely when it serves the public, such as with charities and religious organizations.
What Are Tax Exemptions? - TurboTax Tax Tips & Videos

 

Here you go! LMAO

Tax Loopholes That Could Save You Thousands

Some tax loopholes come in the form of tax credits designed specifically for lower-income taxpayers.

Two types of credits are available:

• Refundable credits: Enable taxpayers to receive refund of credit amount that exceeds the taxpayer’s tax liability
  
  
• Nonrefundable credits: Enable taxpayers to reduce their tax liability but only to the amount of tax owed — excess credit is forfeited, not refunded

Low-income earners are eligible for both types, including the following three credits.

Tax loopholes for low-income earners

• 1. American Opportunity Tax Credit
• 2. Saver’s Tax Credit
• 3. Earned Income Tax Credit
  
  Tax Loopholes for the Middle Class
  
  
• 4. Mortgage Interest Deduction
• 5. Lifetime Learning Credit
• 6. Child Tax Credit
• 7. Retirement Savings Accounts
• 8. Cash Charitable Deductions
• 9. Capital Gains Tax
• 10. High-Income Mortgage Interest Deduction
• 11. Carried Interest Loophole
  Tax Loopholes That Could Save You Thousands | GOBankingRates

Legal exemptions, not loopholes in the law.

Either that or everyone gets loopholes including low income and poor LOL

 

George Carlin was brilliant!!!

 

But meanwhile, the last administration decided to kill off all my small business deductions. I have to drive the crap out of my personal car for my job - but since I am not a 1099 employee, I guess I don't deserve deducting those legitimate business miles anymore. It's substantial....20,000 miles is a lot of wear and tear and the tax deduction at least helped.

 

...

 

Oh, come on....only the little people pay their fair share of taxes......

 

The biggest difference is that wealthy people govern and manage their money completely differently than a 20 yo party animal who has no clue what the tax code even is.

People forget this country was designed around commerce, the more you grow the more it benefits the numbers the more incentive they give you to grow more.

What I disagree with is these government actors using their position to increase their wealth. Id say fauci, but in his case I think he is more of a patsy than some of the main stage characters in this show.

Then there is this:

Who pays the most taxes rich or poor?



The top 10 percent of earners paid 74 percent of all income taxes and the top 25 percent paid 89 percent.

Altogether, the top fifty percent of filers earned 89 percent of all income and were responsible for 97.7 percent of all income taxes paid in 2020.

Who Pays Income Taxes? - Foundation
https://www.ntu.org › foundation › tax-page › who-pays...

 

BUT:

tax avoidance is perfectly legal. IRS regulations allow eligible taxpayers to claim certain deductions, credits, and adjustments to income. For instance, some homeowners can claim a deduction for interest they pay on a home mortgage. Working parents may be able to claim a credit for child-care expenses.


The Difference Between Tax Avoidance and Tax Evasion - IRS
IRS (.gov)
https://apps.irs.gov › media › ws_ans_thm01_les03



Granted I do see the word evasion used, accused and abused, but I dont see any tax evasion convictions, got any facts to share with us?

 

First blush, I agree thats appears to be unfair, as are other things I could site about being an 'employee'. This country wants proprietors and entrepreneurs.

 

Figures don't lie, but liars can figure! Bump that top cutoff to 1% and see how it comes out!

 

You miss the point. Whether or not it's "perfectly legal", it's perfectly outrageous that a billionaire should pay less taxes than I do. You're simply an apologist for an inequitable status quo.

 

...

 

yes!

Now if you want to claim there ought to be a wealth cap at which point any windfall has to go to the lowest income tiers in the form of higher wages, yeh, I can see that.

Now you know why I dont fall for the their little money making scams like the covid gimmic, lol

I feel very safe knowing its all a scam

BTW there is no one that approaches the wealth of the Rothschilds, the last 'real' audit in 1900 they had well over 8 billion in GOLD, good luck trying to audit them today.

 

sheesh, I didnt say people dont evade their taxes, I said there were NO CONVICTIONS AGAINST TRUMP FOR TAX EVASION in re: Tish's post! Please read more carefully, it gets really tiresome correcting a constant battery of strawman assaults

 

How does it turn out?

 

If ^ is true, then how can v be true or are you arguing v is not true?

Maybe the reason you pay more taxes than a billionaire is that you lack creativity and understanding of the tax codes.

They have excellent money management skills, or they pay someone who does!

 

Let's move that top cutoff up to 0.1%, who are worth almost as much as the bottom 90%. That's where the billionaires are, which is who we've been talking about.
US wealth inequality - top 0.1% worth as much as the bottom 90%
Never Mind the 1 Percent. Let’s Talk About the 0.01 Percent
That's the category Trump is in, along with Warren Buffett, who told us he pays less income tax than his secretary. Between 1979 and 2019, the average income of the 0.01 percent of households, those with an annual income of 8. 3 million or more, grew more than nine times as fast as the income of the bottom 20 percent of earners.Income Inequality - Inequality.org Total billionaire wealth reached $10.2 trillion at the end of July 2020, touching a new high. The top 1%’s share of U.S income (and more).
So what share of federal income taxes do they pay? Nobody knows, cuz they don't report it that way. But Buffett admits that for him it's less than his secretary.

So basically the inequities in our society mean little or nothing to you, except that the billionaires paying less in taxes than their secretaries deserve our admiration for being so smart. If we could just improve the intelligence of the rest of the population all of us could be tax avoiders just like them, the federal government would disappear, and it would be paradise-- until the Chinese, Russians, North Koreans, whoever took over! Eh?