Tax break on debt forgiveness = big loophole for the filthy rich who “owe” millions to their corporation.
I own my own company. I can just have the corporation give me a HUGE mortgage on my house. I “default” and that is a huge tax free transfer of wealth. Hell, for that kind of deal, I’ll be happy to work for $1/year salary.
Plus the corporation gets a nice write off. Double dip. 🙂
