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Tax Day is a Real Holiday for Wall Street

Tax Day is a Real Holiday for Wall Street

Porter McConnell

It’s no secret that corporations and the very rich were the main beneficiaries of the Trump tax legislation passed late last year. But what’s less known is that the financial industry was the single biggest target of the largesse. One private equity fund manager, Stephen Schwarzman, stands to make roughly $100 million from President Trump’s failure to close the carried interest loophole alone.

From the article:

“Legislation to close (the carried-interest) loophole has been introduced in New York, New Jersey…”

It will be interesting to see how this plays out with NJ Gov. Phil Murphy (currently riding a wave of popularity because he’s not Chris Christie), a former Goldman-Sachs exec who may have to choose a loser between the people and his erstwhile employer. I’m not hopeful, but would be glad to be proven unduly pessimistic.

Unfortunately, all this largess to the wealthy (directly or via corporations) has to be paid for. Government expenditures this largess would have paid for will not magically go away (except for a very modest short term stimulus).
This was a blatant, in your face, we’ve got the power, so screw you, Bill.