In response to:

New GAO Study Focuses on Make-Believe Tax Expenditures

Arley2 Wrote: Apr 17, 2013 11:00 AM
1. There should be no business income taxes whatever. Any business income tax is a hidden tax on consumers paid in the form of higher prices for product or service. 2. There should be no income tax on anybody for any source revenue. 3. The current 72,000 tax code ought to be dumped and replaced with a national sales tax similar to the "Fair Tax Plan." But that won't happen because Congress loves to fiddle with the tax code for political advantage.

I’m very leery of corporate tax reform, largely because I don’t think there are enough genuine loopholes on the business side of the tax code to finance a meaningful reduction in the corporate tax rate.

That leads me to worry that politicians might try to “pay for” lower rates by forcing companies to overstate their income.

Based on a new study about so-called corporate tax expenditures from the Government Accountability Office, my concerns are quite warranted.

The vast majority of the $181 billion in annual “tax expenditures” listed by the GAO are not loopholes. Instead,...