"If a lobbyist sets up shop, or a lawyer, in which they're receiving income through what is something like a tax loophole so that it's not counting as corporate income, that is what this is counting as a small business"
- Austan Goolsbee
About this Quote
In this quote, Austan Goolsbee is going over the concern of lobbyists and legal representatives utilizing tax loopholes to avoid paying business earnings taxes. He discusses that when these individuals set up their companies in a manner that permits them to get earnings without it being classified as business income, it is thought about a small business. This is troublesome since it allows these people to prevent paying their reasonable share of taxes, which can have an unfavorable influence on the economy. Goolsbee is highlighting the requirement for stricter guidelines and closing of these loopholes to ensure that all services, despite size, are paying their reasonable share of taxes.
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