Some Taxpayers Make Their Own Tax Cuts
In addition, it appears that many corporations make use of tax manipulation tactics to cut their tax assessments down to a miniscule size.
These creative citizens have provided themselves with tax cuts that would leave the proposed tax cut of the Bush administration in the dust. Mr. Lewis and co-author Bill Allison estimate that a bit of creative finagling with the tax laws has resulted in a $2 trillion tax cut - far in excess of the President's $1.6 billion proposal.
Messrs. Lewis and Allison conclude that Congress will need to close loopholes and the IRS will need to increase enforcement efforts before these avoidance techniques can be stopped.