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29-07-2022, 01:32 PM
By
Kevin Robillard
Jul 28, 2022, 07:08 PM EDT
Democrats’ big inflation reduction proposal tightens a notorious tax loophole benefiting hedge fund managers and other wealthy investors that Sen. Kyrsten Sinema (D-Ariz.) has previously insisted be left untouched.
The loophole is one of the most infamous in American politics. It’s what billionaire investor Warren Buffett refers to when he discusses how he pays a lower tax rate than his secretary. It has also been protected over the years by ferocious lobbying efforts from Wall Street. Though its fate isn’t necessarily linked to the success of the entire US$740 billion package, whether it survives could show how willing Democrats are to stand up to a tiny but powerful and wealthy group of Americans.
https://www.huffpost.com/entry/democrats...483a9bdc66
Kevin Robillard
Jul 28, 2022, 07:08 PM EDT
Democrats’ big inflation reduction proposal tightens a notorious tax loophole benefiting hedge fund managers and other wealthy investors that Sen. Kyrsten Sinema (D-Ariz.) has previously insisted be left untouched.
The loophole is one of the most infamous in American politics. It’s what billionaire investor Warren Buffett refers to when he discusses how he pays a lower tax rate than his secretary. It has also been protected over the years by ferocious lobbying efforts from Wall Street. Though its fate isn’t necessarily linked to the success of the entire US$740 billion package, whether it survives could show how willing Democrats are to stand up to a tiny but powerful and wealthy group of Americans.
https://www.huffpost.com/entry/democrats...483a9bdc66
