coveyrise Wrote:
Feb 26, 2013 3:35 PM
Loopholes? President keeps using the term "Loopholes" to describe his new round of tax increases as if corporations and individuals are somehow getting an unfair tax break that was unintended and accidently put into the current tax code. In fact what Obama is calling "Loopholes" are ligitimate deductions put in the tax code to allow deductions for things like depreciation and depletion in the case of oil companies. Obama claims the oil companies shouldn't get these deductions when they are actually a realistic approach to accounting for the declining value of a well's remaining productive life as the oil is pumped out.