The Dickey and the Tiahrt Amendments to our nation’s gun laws make it more difficult than it should be to trace ownership of these guns.
When Congress sets the IRS budget, they allot funding in four different categories, and the IRS cannot move funds between those categories unless they get approval from Congress. The Enforcement category is the one most responsible for collecting and auditing tax returns. The enforcement division lost 15,000 employees from 2010 to 2018. So the IRS gets its funding cut even though it generates enough revenue to pay for itself.
Target, Walmart, and other big box stores want your business; they just don’t want to pay for your schools, fire, and police:
A big box store comes to town and builds a new store. They ask for a tax break right after they open. The city has spent money (probably borrowed) to put in streets, fire hydrants, and utilities, banking on a future tax revenue stream. Then the store uses the loophole to cut the revenue stream. Less tax revenue means less money for schools, fire, and police. What’s wrong with this picture?
Most of the founding fathers did not want America to become like the Europe they had left. They did not want a landed gentry and all the wealth and power handed down from generation to generation. George Washington said, “legislators cannot invent too many devices for subdividing property.” President, believed that entrenched economic inequality would create a political oligarchy in America because that was the relentless pattern throughout European history.
B.P.’s Gulf oil spill got them a $61 billion fine with a $17 billion tax break-When fines are tax-deductible, taxpayers get screwed.
On April 10, 2010, B.P.’s Deep-water Horizon rig had a blowout a mile underwater. The rig caught fire and eventually sank. The well leaked for 87 days, pouring 3.2 billion barrels of oil into the Gulf of Mexico. A barrel of oil contains 42 gallons, so 133,980,000 million gallons of oil spilled into the Gulf.
Corporations get a break and taxpayers get screwed, due to the tax-deductibility of government-levied fines.
Government agencies sometimes make deals with corporate wrongdoers. They impose a hefty fine, then specify how much is considered punitive and not deductible, and lastly what is remedial, which is deductible for the corporation. This information can be kept secret. As such, the agency can brag about a hefty fine, but the corporation gets a significant tax deduction.
Hard rock miners have a choice; they can do normal depreciation, like In the example above, or depending on what metal they’re mining, they can elect to use the depletion allowance, which allows them to deduct 15% to 22% of the revenue each year as long as the mine operates. That saves them a lot of taxes.