Clarks plan to close corporate loopholes

[Renew Deal]

http://www.clark04.com/issues/loopholes/


Wes Clark's Plan To Simplify The Tax System By Cracking Down On Corporate Loopholes And Tax Shelters
Wes Clark's Families First Tax Reform will crack down on corporate loopholes that benefit special interests, making the tax code simpler and fairer. Wes Clark's plan will save, conservatively, at least $10 billion annually. These saving will go towards paying for Families First Tax Reform, which eliminates taxes for a family of four making up to $50,000 and cuts taxes for all taxpaying families with children making up to $100,000. As President, Wes Clark will fight to simplify the tax system by cracking down on corporate loopholes and tax shelters. He will end corporate welfare as we know it.

Specifically Wes Clark will:

Outlaw tax shelters.
From 1996 to 2001 Enron paid only $63 million in taxes despite reporting billions of dollars in profits. As soon as one tax shelter is shut down, companies set up a new one to take its place. Wes Clark will end that practice by passing a law that will prevent companies from taking advantage of artificially generated losses in tax shelter transactions. The definition of a tax shelter-as an artificial transaction whose only purpose was to avoid paying taxes-will be codified in law. Outlawing tax shelters will not only make the tax code simpler and fairer, but will also promote economic growth by encouraging companies to pursue productive activities rather than tax avoidance.

Double fines for abusive transactions - and quadruple them for repeat offenders.
Wes Clark will double the fines and penalties on abusive tax shelters - and quadruple them for repeat offenders.

Close corporate loopholes, including the janitor's loophole.
Currently companies get tax deductions when they take out life insurance policies for their non-executive employees, like janitors. When the janitor dies, his or her family doesn't see a penny of the benefit - the company pockets all of it. Wes Clark will end the practice of companies deducting life insurance policies for non-executive employees. In addition, he supports closing loopholes along the lines of legislation championed by Senator Baucus.

Recapture taxes from individuals that renounce their U.S. citizenship to avoid taxes.
Ultra-wealthy individuals can renounce their U.S. citizenship, ship their assets overseas, and avoid taxation entirely. Wes Clark will apply capital gains taxation to individuals who renounced their citizenship.

http://www.clark04.com/issues/loopholes/

[bowens43]

1. You realize that Clark can't do any of this.

No president can. He needs to be a little more realistic, if by some horrible twist of fate he would actually make it to the oval office , he will in all likelihood be working with a Republican controlled congress. Clark as usual is to pie-in-the-sky, to out there. He either knows this and is attempting to pull one over on the voters or he doesn't know this and should. Someone needs to tell the good general he won't be giving order to congress, it's a civilain orginization. He needs to set realistic goals.

[Killarney]

2. We should just roll over and die then

don't ever try to right any wrongs. Don't ever try to do what's right. Don't even bother making the plans because the evil Congress won't pass it.

That's a horrible attitude.

[Trajan]

3. The Executive branch CAN rule by edict ...

With some considerable latitude ... through the Executive Order ...

But, as you alluded, Tax law is written in Congress, which is currently under GOP control ....

Do you REALLY think that a presidential candidate should NOT present his own view of what laws SHOULD be promoted simply because they do not possess a majority in congress ?? ...

Should they promote NOTHING ?? ...

IF they do promote an agenda: are they intentionally deceiving the public because they do not possess a congressional majority to legislate their ideas ???? ...

Methinks thou dost protest too much ...

Methinks thou dost wish to besmirch a good man for personal gain ...

[maddezmom]

4. methinks the same :)