Originally Posted by KC native
Are you ****ing serious? Carried interest for PE guys, transfer pricing, LPs, Swiss bank accounts (up until a few years ago), Cayman island crap like the thread I started.
Tax shelters are just as much a problem now as then. The problem is that the gop has consistently defanged enforcement agencies so the IRS goes after small fries instead of large tax cheats.
This is simply wrong. To the extent that we have economically detrimental loopholes now, we should get rid of them in exchange for lower rates just like we did when we had even more of them prior to the 1986 reform.
By the way, the problem is that democrats keep trying to crank up the top marginal rates making it far more worthwhile for wealthy taxpayers to lobby both parties for tax breaks (including campaign contributions to both parties for their "consideration").
"Well, it is one thing for Bill Clinton to say, I feel your pain. It is another thing for Barack Obama to say I feel your pain that I have caused." - George Will