Schumer’s Gambit: Ending the Tax Reform Con, Ending the Grand Bargain?

By: Tuesday October 9, 2012 12:50 pm

Schumer, who has been at the forefront of defending the carried interest loophole, actually sacrifices it in this speech – at least some of it, in the interest of getting half a loaf over none at all.

More Romney Tax Stories Dribble Out

By: Tuesday August 28, 2012 1:00 pm

Try as they might to shift to the economy, something always gets in the way for the Romney campaign. In this case, it’s the actions of Mitt Romney throughout his life to wall off his fortune from the Internal Revenue Service and ensure a continuing Romney aristocracy for the next generation.

Hedge Fund Gambling: Fine, Just Keep My Tax Dollars Out of It

By: Monday May 28, 2012 2:55 pm

I don’t have problems with hedge funds per se; I object to the use of the implicit too big to fail guarantee, the Fed’s discount window, political influence, inside information, rigged rules and virtually unlimited depositor funds that go along with any trader at a bank who tries to play this game. The idea that a victory will send profits to the bank balance sheet, but a loss will simply get socialized by the government, turns the idea of risk completely on its head.

Romney’s Taxes Show Ridiculousness of Carried Interest Loophole

By: Tuesday January 24, 2012 1:45 pm

Mitt Romney released his tax returns for 2010 and an estimate for 2011 today; he, or rather his accountant, is very good at taxes. Nobody suggests that anything on Romney’s tax form reflects any illegal activity. Rather, he’s working within the bounds of the law, taking advantage of the immense largesse and tax favorability our government bestows on rich people.

Buffett Rule Not Really a Rule

By: Thursday September 22, 2011 8:48 am

I have to agree with The Economist that this policy is trivial, even if you agree (as I do) with the component parts. “Our economy is riddled with a multitude of deeply-embedded structural flaws that allow the well-connected to enrich themselves at the expense of the rest of us, but nobody will do anything about it.” And yes, that was on the website of The Economist.

Capital Gains Tax Cuts Massively Transfer Wealth to the Top

By: Monday September 12, 2011 4:00 pm

The biggest reason why you would want to use higher taxes on the rich and the nation’s largest corporations if you’re going to pay for stimulative job-creation measures is not just because these would be the least disruptive offsets for an economy waiting to heal. Just as high on the list is the fact that low taxes on the ultra-rich distorts the economy and makes future growth nearly impossible.

A perfect example of this comes from the Washington Post’s salutary article today on capital gains taxes. This is something that hardly even gets talked about anymore, but it’s at the heart of at least one of the pay-fors on the White House’s list, the carried interest loophole. The only reason that hedge fund managers are paying drastically lower tax rates is because the taxes on their capital gains, which they are calling their entire income, is drastically lower than the income tax. And this has produced massive inequality, pushed along by the rich contributors of politicians in both parties.

American Jobs Act Pay-Fors All on Tax Side

By: Monday September 12, 2011 11:30 am

Well, this is a bit unexpected. OMB Director Jack Lew strolled into the White House briefing room and laid out the plan to pay for the American Jobs Act, and it’s entirely from ending tax breaks for rich people and corporations.

Obama Enters Debt Limit Talks, With a Focus on Revenue

By: Tuesday June 28, 2011 9:30 am

Following up on the Filibernie post from earlier today, the president is looking at revenue increases as he enters the debt reduction talks. Too bad he is not even close to the 1:1 cuts for revenue that Senator Sanders is demanding.

Tax Day Reminder: Richest Americans Probably Pay at a Lower Rate than You Do

By: Friday April 15, 2011 3:23 pm

Thanks to many loopholes in our tax code–the carried interest loophole being the most important–the richest people in American are likely paying a lower tax rate than you are.

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