What are the specific tax loopholes that Obama intends to close, and how much money does each of those 'loopholes' account for?
September 4, 2008 1:31 PM Subscribe
What are the specific tax loopholes that Obama intends to close, and how much money does each of those 'loopholes' account for? This article by FactCheck.org indicates that the Obama campaign estimates the revenue from tax reform at $80 billion - so where did that figure come from?
Response by poster: Perplexity, thanks. But although this gets a little more specific, it doesn't explain exactly what those loopholes are. For example, what are these 'oil and gas loopholes'? How do they work? How much money is expected to be gained by closing them?
posted by mattholomew at 1:52 PM on September 4, 2008
posted by mattholomew at 1:52 PM on September 4, 2008
Here's an article about a study of $55 billion in Oil and Gas tax loopholes.
posted by blue_beetle at 3:26 PM on September 4, 2008
posted by blue_beetle at 3:26 PM on September 4, 2008
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"Miscellaneous revenue-raisers. Senator Obama has proposed (1) taxing carried interest as ordinary income, (2) eliminating all oil and gas loopholes, (3) codifying the economic substance doctrine (requiring that transactions qualifying for tax benefits have economic justification beyond those benefits), (4) requiring publicly traded financial partnerships to pay the corporate income tax, (5) creating an international tax haven watch list of countries that do not share information returns with the United States (and potentially enacting sanctions against those countries), (6) imposing a windfall profits tax on oil and gas companies, (7) requiring information reporting of basis for capital gains, (8) reallocating multinational tax deductions, and (9) closing loopholes in the corporate tax deductibility of CEO pay. Combined with other as-yet-unidentified provisions, the campaign expects these provisions to raise $76 billion in revenue in 2009. Because not all provisions are identified, we cannot verify that revenue estimate. We assume that the amount would grow at the same rate as GDP throughout the 10-year budget window."
posted by Perplexity at 1:40 PM on September 4, 2008 [1 favorite]