We Haven't Seen Trump's Taxes Yet, but It's Clear the IRS Failed America

[Tanuki]

42. Yes...the private equity industry alone spent more than $600 million in the last decade

to lobby and bribe their way into maintaining their sweet carried interest tax dodge, that screws over all other taxpayers.


https://www.google.com/amp/s/www.cnbc.com/amp/2021/09/30/lobbying-kept-carried-interest-out-of-bidens-tax-plan-bernstein-says.html

"Fierce lobbying by the private equity industry is the reason the carried interest tax rate is not included in President Joe Biden's planned tax hikes, top White House economist Jared Bernstein told CNBC on Thursday.

Biden and congressional Democrats are hoping to pass a sprawling budget, much of which is paid for with revenue from a laundry list of tax changes, including higher rates for the wealthiest Americans and corporations.
...
"This is such a glaring privileged position for a certain group of people over just about everybody else," said Sorkin. "For those that look at the tax policy as a part of a democracy, where people have to believe in it, they say, 'This makes no sense.'"
...
Indeed, last year 4,108 individual lobbyists formally registered to lobby Congress and the Executive Branch on the issue of taxes, according to the Open Secrets lobbying database. Hundreds more likely worked to influence federal tax policy on behalf of clients but did not formally register as lobbyists.

For private equity firms, keeping their tax rate at the lower capital gains level is their top priority in Washington and has been for years.

The private equity industry has spent millions of dollars on lobbyists to fight any effort to change how it is taxed. And so far, the plan appears to be working.

The industry has contributed hundreds of millions of dollars to congressional campaigns, $600 million total over the past decade, according to a New York Times analysis earlier this year....(more)