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Bookmark or Share- CNBC Explains: The Gingrich-Edwards tax loopholeHow the Gingrich-Edwards tax loophole works. The loophole allows self-employed people who set up so-called S corporations to avoid paying taxes into Social Security and Medicare. In a 2009 report, the Government Accountability Office said that people who used the loophole underreported about $23.6 billion in compensation in 2003 and 2004.
- Loophole - InvestopediaWhat is a 'Loophole'. A loophole is a technicality that allows a person or business to avoid the scope of a law or restriction without directly violating the law. Used often in discussions of taxes and their avoidance, loopholes provide ways for individuals and companies to remove income or assets from taxable situations into ones...
- Tax Loopholes and How to Use Them - The BalanceTechnically, a tax loophole is a provision that drains money from the government. Loopholes are often thought of as the domain of corporations and the business world, but there are quite a few available to individual taxpayers as well.
- Tax Loopholes That Mainly Benefit The Rich - Bankrate.comAnd a tax loophole allows that compensation to be taxed at a lower rate. Managers of most private equity funds get a percentage of the net gains as a management fee.
- 10 Tax Loopholes That Could Save You Thousands ...Tax loopholes are simply legal ways to use the tax code to save yourself money. Different loopholes exist for different levels of income. Whether your income level is low, high, or in the middle, there are 10 tax loopholes you can use to lower your tax bill:
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