Quote:
Originally Posted by taxwonk
As for Section 162(m), I would repeal everything but Section 162(m)(1), redefine it to apply to all business entities not disregarded for FIT, and make the only limitation on it an allowance for any compensation to the extent it is exempt from employee income and deductible to the employer under IRC 401. Also, dividends, equity, options, etc. are all taxable compensation except to the extent excluded under the Code. My first step would be to remove all exclusions except for income treated as income of the sole owner of a disregarded entity or income subject to IRC 401.
If it's earned in the US, it's taxed in the US. I was talking about removing the ability to offshore earnings or inbound earnings through loans or other constructive transactions.
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I love the world of mythically idyllic tax code rewrites. I think it would be a good concept for a computer game, a sort of Oregon Trail kind of thing where if you write the right provisions you get steady economy growth distributed among the whole population and if you fuck up Donald Trump builds a tax-advantaged empire and takes all the little people's money at the casino.
We could call the game "Congress".
