- State tax codes have a way of accumulating junk -- quirky breaks and carve-outs that grow increasingly odd as they linger on the books, like tacky old legislative souvenirs. (Huffington Post)
- The loophole allows corporations doing business in multiple states to avoid paying Pennsylvania's corporate net income tax by setting up shell companies in Delaware and some other states to hold copyrights, patents and trademarks. (Times-Leader)
- WASHINGTON -- A tax dodge that millionaire hedge fund managers use to slash their income taxes could soon become a major election issue, as congressional Democrats and the White House gear up for a fight to close the loophole. (Huffington Post)
- WASHINGTON — More than two dozen Fortune 500 companies paid no U.S. federal income taxes in recent years partly because of a corporate tax break that is broadly supported by Republicans and Democrats alike, a consumer group said on Monday. (msnbc.com)
- An Iowa tax loophole that allows businesses to set up a subsidiary so they can skip paying sales taxes would be closed under a bill that passed the Senate this afternoon. (Des Moines Register)
- Participants lobbed rubber balls at them, but protesters wearing signs that said Delaware Loophole, Politicians and Non-Profit Status deftly blocked them. The large rubber balls were labeled with services funded by taxes, like transit and education. (Pittsburgh Post-Gazette)
- TRENTON, N.J. — New Jersey Senate President Steve Sweeney wants to close a loophole that allows local officials to bypass a 2 percent annual cap on property tax increases. (msnbc.com)
- But using a tax loophole favored by private-equity guys, he was able to get paid by taking equity stakes in deals that he put together (carried interest, in tax parlance) instead of in the proletarian form of a fully taxable salary. (Mother Jones)
- The so-called Tax Dodgers wore white uniforms the protesters' repeated references to loopholes made little sense. "Where's the loophole?" Soref told the Guardian. "I mean, I want one. There aren't many loopholes, believe me. (Raw Story)
Wednesday, April 18, 2012
Tax loophole
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