Yesterday evening, Monday August 21, Treasury Secretary Steve Mnuchin made a statement that effectively reversed Donald Trump’s campaign promise to close the carried interest loophole.
I’m an investor, researcher, and the great-grandson of the meatpacker Oscar Mayer. I’m deeply concerned by the extreme inequalities of income, wealth and opportunity that have opened up in U.S. society.
Tuesday the Illinois State Senate took a bold step in fighting inequality by becoming the first state chamber in the country to vote in favor of closing the carried interest loophole.
In a recent Bloomberg article Representative Mike Kelly (R-PA) was quoted saying that he and his colleagues “need to hear from people who are in that business” to get a clearer picture of how to tax carried interest.
You don’t have to be a CPA to understand that the carried interest loophole is unfair to 99.99% of the American population!
Some people think that the American economy will totally fall apart if venture capitalists are required to pay the same income tax rates the rest of the working population.
In this op-ed, legendary venture capitalist and Patriotic Millionaire Alan Patricof calls on his peers in the fund management business to set their self-interests aside.
Consider what Trump himself said last January: “My whole life I’ve been greedy, greedy, greedy. I’ve grabbed all the money I could get, I’m so greedy.”
“We are looking forward to working more closely with the Senate Finance Committee now that Professor Fleischer has become the co-counsel for the Democrats.”
On Thursday, June 23, several of my fellow Patriotic Millionaires and I traveled to Capitol Hill to meet with various elected officials and discuss carried interest.
Consistent on producing terrible, recreations of failed policies, that is. There is nothing creative, new, or substantive in any of his proposals.
We figured if every self-interested corporation, industry group, and billionaire in America has a lobbyist, why shouldn’t regular American citizens? So we signed ourselves up for the job.
The Patriotic Millionaires have suggested that the litmus test for political corruption should be to close the carried interest tax loophole, an egregious policy that allows investment fund managers to pay a much lower tax rate than everyone else
Our Chair Morris Pearl challenged Mike Sommers to a public debate and Mike has not yet responded. If this is the best argument he’s got, that was probably exactly the right decision.
The truth is that the carried interest loophole represents a kind of destructive greed, a cancer that has crept its way into the core of our country’s economic system.
Yesterday, former Treasury Secretary Larry Summers echoed Patriotic Millionaires Chair Morris Pearl in an aggressive attack against billionaire David Rubenstein for his inexcusably corrupt stance on the carried interest tax loophole.
The Obama administration has long attempted to call out this blatant example of money’s corruptive influence in politics by closing the loophole and mandating that investment managers pay ordinary tax income the same as every other taxed worker in America
Tax day will come again next year with the same inequality. The headache will last all year and the years after that, until changes are made.
Two hundred and thirty years later, the cancer of money in politics — as epitomized by the gross wealth and political power of players like Rubenstein — threatens to destroy that very same democracy.
We would expect a more serious analysis from the largest newspaper in the Wisconsin, but they missed the fundamental issue.