TaxProf Blog

Editor: Paul L. Caron
Pepperdine University School of Law

Wednesday, February 25, 2009

Obama Wants to End Tax Loopholes

WebCPA: Obama Wants to End Tax Loopholes:

During his Fiscal Responsibility Summit on Monday, President Barack Obama discussed the possibility of lowering the statutory corporate tax rate while also closing tax loopholes that allow companies to reduce taxes.

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Good trade! There is a crazy amount of rent-seeking out there. I wonder what fraction of the revenues of the Big Four accounting firms would be due to loophole-chasing and the like. Freeing up the money (and the talent!) devoted to that stuff would be great.

Posted by: taxrascal | Mar 1, 2009 7:22:29 PM