Democrat National Committed to default on a $10 million loan
March 4, 2013 11:54pm CST
It seems that the party that does not like big money influencing the elections is willing to have a Corporation guarantee a loan, for $10 million dollars, and then the DNC defaults on the loan. The company can claim a business loss and cost the tax payers $6 million. http://www.newsmax.com/Politics/democrats-charlotte-convention-loan/2013/03/02/id/492769?s=al&promo_code=12A5B-1 Maybe of the Democrats were not such hypocrites and did not take money from big bad corporations, and did not accept money from polluters and companies that supported the coal industry people would believe they were serious about doing what is best for the country, instead of what is best of the Democrat Party. Where is the media on this one? I forgot they are a major contributor of positive news about the Democrats and can't say negative things about them.
• United States
7 Mar 13
Bob, it would appear that you have more of an issue with the IRS than you do Democrats. Yes, Obama is a hypocrite for his participation in this, but find me a politician that isn't a hypocrite? If I knew nothing of corporate taxes I might have agreed with you. But, the company I work for writes off debt the same way that Duke could do here. The difference is that we can't claim that as a donation to a political organization, but we still can write off any loss that we have on taxes because we need to offset our income. This is a very common practice. I did find it ironic that the CEO of Duke said he would do the same for republicans. We all know that they would jump at that offer just like Democrats have.
• United States
8 Mar 13
You are right that this is an IRS problem and that is why we need a simpler tax code. In the end it is the consumer that pays all the taxes. This is a problem when you have a ruling class or career politicians who make laws and regulations that they benefit from. I would be upset if the Republicans did it as it would show the arrogance of politicians. I also own stock in Duke and plan to vote against every member of the board of directors as a protest. This is something the media should be on to point out how the political parties raise all this money then can stick it to the tax payers and consumers by welching on a legitimate debt because of a Tax Loophole. This is a loop hole because that is not what was intended with the debt write off rule. Democrats think it is a good idea to close tax loop holes (deductions) for corporate jets, which provides employment for thousands of people, but are perfectly willing to force a company to use a deduction to benefit their political agenda. What upsets me also is the fact that the media is not all over this story of extortion. The company is in a tough place if they push the issue the ruling class (either party) could come after the company with IRS audits and sent regulators to find every infraction. They could ruin the company or at least tie them up in legal challenges that they could not do business. If the reports the abuse and any attack on them the public would then get the full story. The media is the one instution that can fight the government and win. It seems that the liberal media is more interested in pushing or supporting a certain political agenda than in reporting the facts to the people. Or they could be afraid of what could happen to them if they attacked the ruling class and if that is the case we are in real trouble.
• United States
12 Mar 13
Bob, I agree that the tax code is not effective, but I fear that if we have our current career politicians on both sides of the isle rewrite the code it could be MUCH worse!! The issue with being a small shareholder is that corporations are paying their executives with stock options, which makes their vote many times more powerful than yours. It ensures that they can not be removed by a vote because it would take the vast majority of voters to vote against them, and that usually doesn't happen. You are correct that the use of tax write offs is questionable at times, and EVERY industry that receives these breaks hires people. What it comes down to is: How much money are tax payers spending for you to have a job? The best example of this is the mortgage interest deduction. Most people who are considered middle class can't use this because their standard deductions, and EIC make it impossible for them to deduct their interest. So this deduction has moved to the wealthy to deduct interest off of second homes, and large mansions. But, if you listen to the radio commercials, they say that ending this will lead to middle class families paying more taxes, and the lose of thousands of jobs. Bob, this isn't extortion, the democrats haven't threatened them, unless you know something I don't. The head of the committee said they were going to pay it. It was Duke that decided to write it off their taxes, and Democrats didn't make him doe this (again, unless you have proof that we don't). It is funny how you are discussing a tactic used by business as an example of what the government COULD do. J. P. Morgan would be proud of you Bob!!!