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The Challenge with Closing Tax Loopholes
Posted by Bob Smith on Thu, Dec 12, 2019 @ 04:01 PM

Seemingly every discussion of changes to the tax code includes a plan to “close loopholes.” But often one person’s loophole is another’s incentive.

The discrepancy arises because the term “loophole” is used broadly to describe any tax benefit that accrues to a small group or industry. But in reality, provisions of the tax code that provide a specific benefit to an industry or group are not really loopholes. These are examples of the code working as designed.

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Topics: Bob Smith, Taxes, tax loophole

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