They really should. All borrowings against equity with a few exceptions like maybe loans against your principle residence, could be taxed to prevent loopholes being exploited. Obviously the IRA’s like thiel used should have some sort of cap, 5 billion in untaxed profits is more than a little excessive. Hobbies should not be write offs unless our hobbies are too. Even then, racehorses and luxury hotels should never be write offs. Up and down the line, I think we should throw the entire tax code in the recycling and start over with a nice simple system with no loopholes carved out, the same rules for everyone in that bracket.
They really should. All borrowings against equity with a few exceptions like maybe loans against your principle residence, could be taxed to prevent loopholes being exploited. Obviously the IRA’s like thiel used should have some sort of cap, 5 billion in untaxed profits is more than a little excessive. Hobbies should not be write offs unless our hobbies are too. Even then, racehorses and luxury hotels should never be write offs. Up and down the line, I think we should throw the entire tax code in the recycling and start over with a nice simple system with no loopholes carved out, the same rules for everyone in that bracket.