Companies Exploit Tax Break for Asset Exchanges, Trial Evidence Shows - By DAVID KOCIENIEWSKI NYTimes.comQuicklink submitted by Susan Lee Schwartz Permalink
|This MUST READ article explains how the tax breaks given to family farmers 90 years ago, have been exploited to give vast sums to every manner of business and enterprise, and how over time, they have become 'entitlements'! 'Over the years, as the rules were loosened, the practice of exchanging one asset for another without incurring taxes spread to everyone from commercial real estate developers and art collectors to major corporations. It provides subsidies for rental truck fleets, investment property, vacation homes, oil wells and thoroughbred racehorses, and diverts billions of dollars in potential tax revenue from the Treasury each year. ''Tax expenditures are very similar to an entitlement program, so they're easy to start,' said the former chief of staff of the Congressional Joint Committee on Taxation, 'But once a tax break gets started, people think they're entitled to it.'|
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