Comments on: Feds take aim at small-biz ‘loopholes’

By: RandiG

RandiG — Mon, 26 Jul 2010 22:00:14 +0000

We’ve been paying for government waste and pork since long before there were any bailouts. This is a bi-partisan issue all the way across the board. I have to agree with Moxie that if the US had a reasonable tax code and an accountable bureaucracy, we wouldn’t need this draconian patchwork of tax laws.

By: s58jbg

s58jbg — Fri, 23 Jul 2010 14:22:20 +0000

Who gets to say that a salary for a sub-s chapter owner is “nominal?” Does the government realize who takes the risk to invest in and create corporations that supply jobs for many employees? Some owners go for years without taking salaries to get companies going. Why should they then be penalized? Sub-s money is taxed like normal income anyway. Why does it have to be taxed like a salary? I agree with moxiecat that the present tax code is burdensome and that the federal government needs to stop spending so much money. We knew as soon as there were bailouts, taxpayers like us would be paying for them.

By: moxiecat

moxiecat — Thu, 22 Jul 2010 18:09:25 +0000

The real answer to this ridiculous law is rewriting the entire burdensome tax code. Currently the tax code is a haphazard collection of special interest loopholes and arcane exceptions. As usual, Congress will attempt to pass a law they claim is “helpful” when in fact it is quite counterproductive. The driving force behind confiscatory taxation is the out of control Federal budget. Until Congress and the White House rein in spending these tax laws are nothing more than interim measures which will only become worse over time. Demand your elected representatives address the crippling budget and stupid proposals such as HR 4213 won’t even be thought up.