Super PAC loophole (Colbert)

[Former Member]

Hey Guys,

I haven't posted that much in the past few months, but I do know there are a couple of posters on this board that know a bit about laws, taxes, and such. Stephen Colbert had a bit on his show where he exposed a loophole involving the Super PAC financials. He claims that the money raised for the Super PAC can more or less disappear, and even avoid the IRS. I found it interesting, but I am somewhat skeptical (it is comedy central after all).

I'm just curious to see what everyone thinks about it.

(I attempted to embed the clip, but it failed spectacularly)

Here is the link...

https://www.colbertnation.com/the-colbert-report-videos/421160/november-12-2012/colbert-super-pac-shh----secret-second-501c4---trevor-potter

 

[One Brow]

It is indeed Comedy Central, but I find that information quite easy to believe, and I think it is true. The whole point of that series has been to show how incredibly silly and lax our current campaign finanace laws are.

 

[The Thriller]

Unfortunately, we cannot get rid of these tax loopholes because many in Congress have sworn oaths to never ever ever ever raise taxes. They consider closing tax loopholes to be a form of raising taxes.

Sad day in American indeed...

 

[UGLI baby]

Pac12

 

[Chris-L]

Pac12

go jazz!!!

 

[colton]

It is indeed Comedy Central, but I find that information quite easy to believe, and I think it is true. The whole point of that series has been to show how incredibly silly and lax our current campaign finanace laws are.

Yes, from everything I've read, Colbert's Super PAC sequence has been 100% accurate. This episode include. It's shameful, and good for Colbert for shining some light on the situation.

 

[Former Member]

Unfortunately, we cannot get rid of these tax loopholes because many in Congress have sworn oaths to never ever ever ever raise taxes. They consider closing tax loopholes to be a form of raising taxes.

Sad day in American indeed...

Yes, from everything I've read, Colbert's Super PAC sequence has been 100% accurate. This episode include. It's shameful, and good for Colbert for shining some light on the situation.

It's kind of sad when comedy central becomes one of, or maybe the, best source of honest criticism of governmental policies. I'm not comfortable with the enormous amount of loopholes in this Super-Pac stuff.

 

[sirkickyass]

I called one of my law school classmates who works for Trevor Potter and he indicated that information provided was accurate. Then, just to make me feel bad, he attached a photo of the peabody he won for working on the Colber SuperPAC segments. It worked.