IAP Political Forum

What exactly are those tax loopholes that the "mega rich" are supposedly using to pay no taxes? Also wouldn't they get hit with the AMT (alternative minimum tax) if they tried to use a loophole?

Obama got me a little nervous when he said he would lower taxes on those who make less than 75K a year. When he said that I immediately thought he means to raise taxes on those who make more than 75K a year. Being that I am somewhat near that mark, I began to worry that when he says closing loopholes, I wonder if he means things like writing of interest on mortgages or property tax, or 401K contributions.   

Can't really comment on the tax code specifics of the US but I know of a general rule that applies everywhere you go. The middle class burdens all the public spending there is through taxes. The poor are generally consumers of public spending (this can be argued at length but generally the programs that are financed through public spending is meand foremost for the underprivilaged, although there are many exceptions that can be cited), the middle class fund this spending through taxation, while the wealthy usually finance public spending through government debt financing (ie. they buy the government dept secuirities and make profit off of public spending).

That unfortunately has been the way it is (except for the bit about the poor) for ages........