- Carried Interest - (Sorry Mitt - this one affects you) this is the tax break for venture capital and fund managers that allows them to take compensation at the 15% capital gains rate instead of ordinary rates.
- The myriad of special rates and credits for oil companies and their investors such as credits for intangible drilling costs and deductions for depletion and
- The deduction for domestic manufacturing
- The IC Disc
- ALL refundable credits for both corporations and individuals, you know those credits that cause the IRS to send refunds greater then the taxes that were withheld or paid
- Orphan drug credit
- R&D credit
- Limiting mortgage interest deduction to $500K of indebtedness (from the current $1.2 million)
- Alcohol Fuel Credit
- Section 179 depreciation deduction
These are just 10 quickies that I can think of and you can't (on a national TV interview) name one!!
I do not think that Mitt was really prepared to come in and participate in this race. Had he come into the game a few years earlier, I think he may have had a chance. Too many people are scared of the amount of money that he has, and the image of the 1% that he represents. Not to mention he pays more for irs tax help than I make in a year! And now he is making mistakes on an international level, and everyone is seeing his vulnerabilities!
ReplyDeleteI agree
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