Tax Loopholes Seen Costing Billions Annually
Tax and accounting loopholes that largely benefit rich taxpayers and
companies cost the government $20 billion a year even as the pay gap
between chief executives and employees has widened. Reuters.
Posted inOriginal publication: Reuters
Date of publication: 08/25/2008
WASHINGTON - Tax and accounting loopholes that largely benefit rich taxpayers and companies cost the government $20 billion a year even as the pay gap between chief executives and employees has widened, two groups said on Monday.
The biggest loss comes from a "stock option accounting double standard" that allows corporations paying executives stock options to deduct more than their actual expenses, they said.