TAX TUNE UP 010: Why Did the Loophole Cross the Road?

A senator from Arizona, Jeff Flake, isn’t happy about some of the current loopholes in the tax code, especially those that offer tax credits for selling chicken “litter” to power plants.

Key Takeaways:

[:21] Don’t blame the IRS for tax season, blame Congress.

[:43] Senator Jeff Flake has issued a report called “Tax Rackets” that comes down hard on “outlandish loopholes” in the tax code.

[1:22] Flake is especially hard on a tax incentive for chicken farmers.

[2:15] The power plants that these tax breaks would subsidize aren’t very popular amongst taxpayers, either.

[2:56] The developers of American Dreamland are requesting tax-subsidized municipal bonds to finish a $5 billion mall.

[4:29] Flake says the subsidies he has exposed will cost taxpayers $50 billion over the next decade.

[4:52] Call Financial Gravity when you’re ready to start paying less in taxes.