7 ways rich people can game the Republican tax scam


Getty Images

❝ The Republican-controlled Congress passed a tax bill riddled with ambiguities, loopholes, and giveaways. The rules draw new lines that favor some taxpayers but not others — and in many cases the bill creates these preferences for no discernible policy reason…

The upshot of all this: The 37 percent top rate is just a sticker-price for the wealthy and well-advised, up for negotiation. Everyone else will still pay full-price.

Any politicians who tell you different are lying. As usual.

One thought on “7 ways rich people can game the Republican tax scam

  1. Warning says:

    “Warren Buffett shareholder letter says Berkshire posted $29 billion gain from tax cut law” (USA Today 2/24/18) https://www.usatoday.com/story/money/2018/02/24/warren-buffett-balked-big-acquisitions-2017-because-high-prices/366916002/ Warren Buffet’s 17 page letter (2/24/18) http://www.berkshirehathaway.com/letters/2017ltr.pdf “…2017 was far from standard: A large portion of our gain did not come from anything we accomplished at Berkshire. The $65 billion gain is nonetheless real – rest assured of that. But only $36 billion came from Berkshire’s operations. The remaining $29 billion was delivered to us in December when Congress rewrote the U.S. Tax Code. (Details of Berkshire’s tax-related gain appear on page K-32 and pages K-89 – K-90.) After stating those fiscal facts, I would prefer to turn immediately to discussing Berkshire’s operations. But, in still another interruption, I must first tell you about a new accounting rule – a generally accepted accounting principle (GAAP) – that in future quarterly and annual reports will severely distort Berkshire’s net income figures and very often mislead commentators and investors. The new rule says that the net change in unrealized investment gains and losses in stocks we hold must be included in all net income figures we report to you. That requirement will produce some truly wild and capricious swings in our GAAP bottom-line.”
    …as well as a totally erroneous perception of the prosperity of the entire U.S. economy.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.