This tax loophole costs $180bn a decade. Why won’t Democrats close it?
theguardian.comAnyone remember the “carried interest” loophole that lets hedge fund executives and private equity managers – among the wealthiest people in America – pay a tax rate no higher than most Americans? It’s a pure scam. They get the tax break even though they invest other peoples’ money rather than risk their own.
Barack Obama promised to get rid of the loophole. He failed. So, remarkably, did Donald Trump. Guess what happened? Nothing.
“I don’t know what happened,” said Larry Kudlow, the conservative economist who crafted Trump’s campaign tax plan. “I don’t know how that thing survived,” he said, adding, “I’m sure the lobbying was intense.”
Now that Democrats are trying to find ways to finance President Biden’s Build Back Better package, you might
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