All articles tagged with #tax loopholes
Joe Rogan defends billionaires, highlighting their hard work and the necessity of tax loopholes, while acknowledging the inequality and suggesting wealth sharing could reduce public resentment, amidst a discussion with Tom Segura on wealth, taxes, and societal disparities.
The article reveals that SpaceX, owned largely by Elon Musk, has paid little to no income tax since 2002 due to accumulated losses and tax benefits, while heavily relying on federal contracts that generate most of its revenue. Musk's other company, Tesla, also benefits from government incentives like tax credits. The piece criticizes how wealthy entrepreneurs exploit the tax system and government support, highlighting a broader issue of capitalism benefiting the wealthy at taxpayers' expense.
The White House proposed closing tax loopholes to reduce the deficit during negotiations with Republican congressional leadership over the federal budget and the debt ceiling, but every item was rejected by GOP negotiators. The proposals included measures aimed at cryptocurrency transactions and large real estate investors. The budget agreement under discussion could include new limits on federal spending, a clawback of unspent pandemic aid funds, and permitting reforms for domestic energy production. The GOP's rejection of the White House tax proposals reflects the near-unanimous opposition among congressional Republicans to using higher revenue to rein in the federal debt.