Who asked for tax loopholes?

Reader Input
-A +A
Who asked to stop “interest deductions” for credit card and payment account’s limit deductions to “only” mortgage interest? Who stopped health care expense deductions to “only” the part after reaching a $14,000 threshold? Who changed this? What about the legislators changing bankruptcy laws to “not” include devastating medical bills or student loans? Who asked for this change? Did we ask our legislators to do this for us? We were told everyone had to tighten their belts. But want about the “blocker” accounts offshore? (Yes, have been around for decades.) They protect the earned U.S. dollars (in [Mitt] Romney’s case $15 million in just one account in Bermuda) from U.S. tax collections, and allows the individuals and/or company’s pensions and endowments to be protected from any bankruptcy or U.S. Government collections. (On-shore accounts don’t have that protection.) Did you or me ask to protect these kind of tax loopholes? I know I didn’t. Yet, Romney with all his tax-sheltered dollars, he was able to deduct dollars lost from a “high yield investor” when he filed his income tax. I guess anyone can hold their funds out of the reach of the U.S. government, and yet claim the “stock loss” as a deduction on the money we aren’t paying taxes on. How is that “tightening the belt” for America? Numerous reports tell of business owners taking money out of the business, paying off the student loan or medical bills and then claiming the money pulled from the business or personal income as a full deduction. We bite the bullet, and they play “button, button, who’s got the tax-button?” We can sit here and argue for or against Romney’s tax-returns. It makes little difference. Everything he did was legal, because the legislators (both Democrat and Republican) fought for these big loop-holes that loosened the belt for the wealthy. We need someone in the House (where tax laws start) to start thinking about the impact on the American people and stop running to the rescue of these “legal” welfare-plutocrats. If this country is in dire straits due to its debt, it’s time to go out and get a second job (more revenues from people not paying). This is not the time to lock the kids out and leave them to eat kibble with the dog so you can save face with the wealthy neighbors. Dink Lane, Garden Valley