Carried Interest Loophole – life NOT harder for financier billionaires

Carried Interest Loophole

 

Carried Interest Loophole

 

Carried Interest Loophole

Remember when Donald Trump, Steve Mnuchin, Gary Cohn, Wilbur Ross, Tom Barrack, Steve Schwarzman, Steve Roth, The Mooch, Andy Beal, John Paulson, Carl Icahn and Larry Kudlow were going to get together and create a tax reform plan that killed the carried interest loophole and made life harder for financier billionaires?

Well, funny story, after not including it in their final draft, House Republicans acted really salty about the lack of populist revenge porn in the proposal. Throughout this week, House Ways and Means Committee Chairman Kevin Brady has been agitating to do something about the loophole to stick it to the facile political target that is hedge fund types (and which is also quite dumb as hedgies have moved on from that loophole, using way cooler and newer loopholes). But despite Brady’s attempts, the Senate plan released this afternoon does nothing to do away with the carried interest loophole.

Because of course it fucking doesn’t.

You don’t let a group like the one assembled above put together something that wages war on rich people. It’s almost unfair of anyone to ask them to. The carried interest loophole survives because enough middle-class people were blithely ignorant enough to vote for a venal Manhattan developer and then support him blindly while he let the a human cartoon of American greed design a piece of tax reform legislation.

We’re not even saying that Steve Mnuchin is the bad guy here. You can’t put a dog in front of a pile of raw meat and expect him to act with moderation.

This was always what was going to happen. And congrats to Wall Street, you played this perfectly.

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The Billionaires’ Loophole

Until recently, relatively little attention had been paid to one source of Rubenstein’s wealth, which he has quietly fought to protect: the so-called carried-interest tax loophole. The tax break has helped private equity become one of the most lucrative sectors of the financial industry. Since the end of the recession, private equity has reported record profits, and at least eighteen private-equity executives are estimated to be worth two billion dollars or more each. And during the current Presidential campaign, with its populist themes, the loophole has become a target among Democrats and Republicans alike.

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Carried Interest Loophole

 

Carried Interest Loophole

RV-Vijay

Author: RV-Vijay