WASHINGTON — Once again, carried interest carried the day.
The last-minute removal by Senate Democrats of a provision in the climate and tax legislation that would narrow what is often referred to as the “carried interest loophole” represents the latest win for the private equity and hedge fund industries. For years, those businesses have successfully lobbied to kill bills that aimed to end or limit a quirk in the tax code that allows executives to pay lower tax rates than many of their salaried employees.
In recent weeks, it appeared that the benefit could be scaled back, but a last-minute intervention by Senator Kyrsten Sinema, the Arizona Democrat, eliminated what would have been a $14 billion tax increase targeting private equity.
Lawmakers’ inability to address a tax break that Democrats and some Republicans have called unfair underscores the influence of lobbyists for the finance industry and how difficult it can be to change the tax code.
the way it’s written, even though this is squarely on the democrats, they can’t help but try to make them the hero’s and slight the republicans at the same time.
Also I struggle to see how a tax loophole like this should be addressed in a climate change bill. The govt is so fucking corrupt.
It’s ridiculous that its so hard to change an obvious loophole in the tax code.
It’s also not a climate change bill lol
Trudeau closed some big tax loopholes in his first term. He’s no genius and the American politician system just doesn’t work for anyone else but lobbyists anymore
Lobbyists can’t be banned under current laws but their influence can be massively limited through campaign donation reforms.
[quote=“nek, post:5, topic:3744704”]
People here constantly make statement like this as if they are factual, but lack the context needed to be factual
Here is your context: Both Clinton and Trump, and Biden and Trump, ran on platforms that were against the carried interest loophole. Two elections, almost a decade, two different administrations from opposite parties and nobody gets it done despite overwhelming public support for change. Trump even had complete control of the voting majorities in the house and senate and still couldn’t get it done.
The reason is because wall street owns the voting majority of both parties. They can’t lose because they rigged the game
I was simply pointing out that, even though the Republicans controlled the senate, they couldn’t pass everything they/Trump may have wanted because they didn’t have 60 votes.
