Do you know why we are in debt?

A congressional report detailing the value of major tax breaks shows they amount to more than $1 trillion a year—roughly the size of the annual federal budget deficit—and benefit wide swaths of the population.

The figures could be useful to lawmakers of both parties and President Obama, who are looking for ways to shrink future deficits and offset the anticipated cost of overhauling the much-criticized U.S. tax code, an effort likely to include tax-rate cuts. Both parties are looking to trim or eliminate tax breaks to achieve those goals.

via Tax Breaks Exceed $1 Trillion, Report Says | Fox News.

Thought this was interesting. The idea of tax breaks and tax credits is a bit of an odd one to me. I support a progressive tax rate, without credits and rebates and breaks and the such… I mean, when both GE and NewsCorp pay no taxes, we are in trouble.

Part of a moral tax code includes paying your share…

To whom much is given, much is required.

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Televangelist’s $3.6 million jet not tax-exempt, Tarrant appraiser says

A Kenneth Copeland Ministry jet worth $3.6 million has been denied tax-exempt status by the Tarrant Appraisal District, setting the stage for a battle that could require the minister to reveal his salary if he wants the jet to be tax-free.

Jeffery D. Law, Tarrant chief appraiser, said the jet was denied tax exemption because the ministry failed to disclose salaries of directors as an application requires. Law said the ministry, based in Newark, northwest of Fort Worth, will protest the denial at a hearing Monday morning.

“The application requires that they submit to us a list of salaries,” Law said. “They have not given it to us, and as a result we have denied their exemption.”

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