Ken Bezozo in Associated Press: To close tax loopholes, Obama would open new ones

02/23/2012

WASHINGTON (AP) — President Barack Obama wants to close dozens of loopholes that let some companies pay little or nothing in taxes. But he also wants to open new ones for manufacturers and companies that invest in clean energy...

The administration hasn't yet defined which companies would qualify for the manufacturing or clean-energy-tax incentives. Tax analysts suspect that some companies would work the political system to make sure they're eligible for any new tax breaks.

"Every lawyer, every accountant, every doctor is going to claim to be a manufacturer," says Ken Bezozo, managing partner in the New York office of the law firm Haynes and Boone. "It's going to be a wonderful thing for lobbyists. They're going to be coming down on Congress like ants at a picnic."

Excerpt from the Associated Press, Feb. 23, 2012. Link no longer available.

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