This tax loophole costs $180bn a decade.
Key Excerpts from Article on Website of The Guardian (One of the UK's leading newspapers)
This tax loophole costs $180bn a decade.
The Guardian (One of the UK's leading newspapers), December 14, 2021
Posted: 2022-01-10 00:41:37
Remember the "carried interest" loophole that lets hedge fund executives and private equity managers – among the wealthiest people in America – pay a tax rate no higher than most Americans? It's a pure scam. They get the tax break even though they invest other peoples' money rather than risk their own. Barack Obama promised to get rid of the loophole. He failed. So, remarkably, did Donald Trump. Now that Democrats are trying to find ways to finance President Biden's Build Back Better package, you might think that the carried interest loophole would be high on their list. After all, closing it could raise $180bn over 10 years. Think again. The loophole – which treats the earnings of private equity managers and venture capitalists as capital gains, taxed at a top rate of just 20%, instead of income, whose top tax rate is 37% – remains as big as ever. Bigger. Influential Democrats, such as House ways and means committee chair Richard Neal, argue that closing the loophole would hobble the private equity industry, and, by extension, the US economy. The truth is there's zero economic justification for retaining this loophole. The sole reason the loophole survives even during Democratic Congresses, is fierce lobbying by the private equity industry – and the dependence of too many Democrats on campaign funding from the partners of private equity and hedge funds. The private equity industry ... has contributed hundreds of millions of dollars to congressional campaigns.
Note: For more along these lines, see concise summaries of deeply revealing news articles on government corruption from reliable major media sources.
Explore also our index to revealing excerpts of key news articles on several dozen topics.
Don't miss amazing excerpts from the 20 most revealing news articles ever published.
Below is a sample of just three of those 20 articles.
U.S. Military Wanted to Provoke War With Cuba
2001-05-01, ABC News
In the early 1960s, America's top military leaders reportedly drafted plans to kill innocent people and commit acts of terrorism in U.S. cities to create public support for a war against Cuba. Code named Operation Northwoods, the plans reportedly included the possible assassination of Cuban émigrés, sinking boats of Cuban refugees on the high seas, hijacking planes, blowing up a U.S. ship, and even orchestrating violent terrorism in U.S. cities. The plans were developed as ways to trick the American public and the international community into supporting a war to oust Cuba's ... Fidel Castro. America's top military brass even contemplated causing U.S. military casualties, writing: "We could blow up a U.S. ship in Guantanamo Bay and blame Cuba," and, "casualty lists in U.S. newspapers would cause a helpful wave of national indignation." The plans had the written approval of all of the Joint Chiefs of Staff and were presented to President Kennedy's defense secretary, Robert McNamara, in March 1962. But they apparently were rejected by the civilian leadership and have gone undisclosed for nearly 40 years. The Joint Chiefs even proposed using the potential death of astronaut John Glenn during the first attempt to put an American into orbit as a false pretext for war with Cuba. Should the rocket explode and kill Glenn, they wrote, "the objective is to provide irrevocable proof … that the fault lies with the Communists." The scary thing is none of this stuff comes out until 40 years after.
Note: Why was ABC the only major news source to report on this highly revealing story? Read the shocking declassified documents on Operation Northwoods. Many military and political leaders look at the world as a grand chessboard. Sacrificing pawns (innocent civilians) is sometimes necessary to capture the queen. Explore revealing news articles on military corruption. Then check out eye-opening 9/11 news articles.
Inside the secretive Bilderberg Group
2005-09-29, BBC News
How much influence do private networks of the rich and powerful have on government policies and international relations? One group, the Bilderberg, has often attracted speculation that it forms a shadowy global government. Every year since 1954 [they have brought] together about 120 leading business people and politicians. At this year's meeting in Germany, the audience included the heads of the World Bank and European Central Bank, Chairmen or Chief Executives from Nokia, BP, Unilever, DaimlerChrysler and Pepsi ... editors from five major newspapers, members of parliament, ministers, European commissioners ... and the queen of the Netherlands. The chairman ... is 73-year-old Viscount Etienne Davignon. In an extremely rare interview, he played down the importance of Bilderberg. "I don't think (we are) a global ruling class because I don't think a global ruling class exists." Will Hutton ... who attended a Bilderberg meeting in 1997, says people take part in these networks in order to influence the way the world works, to create what he calls "the international common sense". And that "common sense" is one which supports the interests of Bilderberg's main participants. For Bilderberg's critics the fact that there is almost no publicity about the annual meetings is proof that they are up to no good. Bilderberg meetings often feature future political leaders shortly before they become household names. Bill Clinton went in 1991 while still governor of Arkansas, Tony Blair was there two years later while still an opposition MP. All the recent presidents of the European Commission attended Bilderberg meetings before they were appointed. Informal and private networks like Bilderberg have helped to oil the wheels of global politics and globalisation for the past half a century.
Note: Why is this meeting of top world leaders kept so secret? Why, until a few years ago, was there virtually no reporting on this influential group in the major media? Thankfully, the alternative media has had some good articles. And a Google search can be highly informative. Explore many other revealing major media news articles on powerful secret societies. And for those interested, check out reliable, eye-opening information covering the big picture of how and why these secret societies are using government-sponsored mind control programs to achieve their agenda.
[9/11] Hijack 'suspects' alive and well
2001-09-23, BBC News
Another of the men named by the FBI as a hijacker in the [9/11] suicide attacks on Washington and New York has turned up alive and well. The identities of four of the 19 suspects accused of having carried out the attacks are now in doubt. Saudi Arabian pilot Waleed Al Shehri was one of five men that the FBI said had deliberately crashed American Airlines flight 11 into the World Trade Centre on 11 September. His photograph was released, and has since appeared in newspapers and on television around the world. He told journalists there that he had nothing to do with the attacks. He has contacted both the Saudi and American authorities. He acknowledges that he attended flight training school at Daytona Beach in the United States, and is indeed the same Waleed Al Shehri to whom the FBI has been referring. But, he says, he left the United States in September last year [and] became a pilot with Saudi Arabian airlines. Abdulaziz Al Omari, another of the Flight 11 hijack suspects ... says he is an engineer with Saudi Telecoms, and that he lost his passport while studying in Denver. Meanwhile ... a London-based Arabic daily says it has interviewed Saeed Alghamdi. He was listed by the FBI as a hijacker in the United flight that crashed in Pennsylvania. And there are suggestions that another suspect, Khalid Al Midhar, may also be alive. FBI Director Robert Mueller acknowledged on Thursday that the identity of several of the suicide hijackers is in doubt.
Note: The deceptions in the 9/11 official story are clearly shown in this key story. The FBI never revised its list of alleged hijackers. These four are all listed in the official 9/11 Commission report as the hijackers. Click here and scroll down a little over half way to see their photos in the official report. For more, see this webpage. Explore also concise summaries of deeply revealing news articles with evidence of a 9/11 cover-up from reliable major media sources. Then examine an abundance of reliable information suggesting a major 9/11 cover-up.
The above three are excerpts from the 20 most revealing news articles ever published.
Below is a sample of the three articles most recently posted to this website.
Will 'Forever Boosting' Beat the Coronavirus?
2022-01-06, New York Times
A year ago, just two doses of a Covid-19 vaccine – or even one, in the case of Johnson & Johnson's formulation – were thought to offer sufficient protection against the coronavirus. On Wednesday, the Centers for Disease Control and Prevention expanded eligibility for boosters to adolescents and backed away from describing anyone as "fully vaccinated" because two shots no longer seem adequate. Instead, one's vaccination status will now be "up to date" – or not. It's no surprise that many Americans are wondering: Where does this end? Are we to roll up our sleeves for booster shots every few months? Scientists are reluctant to predict the future. But in interviews this week, nearly a dozen said that whatever happens, trying to boost the entire population every few months is not realistic. Nor does it make much scientific sense. For starters, persuading people to line up for shots every few months is probably a losing proposition. Just as important, there are no data to support the effectiveness of a fourth dose of the current vaccines. If the coronavirus settles into a flulike seasonal pattern, as it seems possible, "you can imagine a scenario where we simply give boosters before the winter each year," Dr. Hensley said. Lessons from flu season also suggest that frequent vaccination is unlikely to be helpful. Giving the flu vaccine twice a year "has a diminishing return, and so it may not make sense to do vaccination so frequently," said [epidemiologist] Ben Cowling.
Note: Could it be that this is what big Pharma has been hoping for all along - forever boosting? And if it's all free, you won't even see how billions of your tax dollars are flowing into the pockets of the elite. Could this be why the Australian government on their website stated they are securing 195 million doses of COVID vaccine boosters for their population of 25 million? For more, see this revealing article. For more along these lines, see concise summaries of deeply revealing news articles on coronavirus vaccines from reliable major media sources.
A fed-up judge condemns the inequities in America's legal system
2021-02-19, Washington Post
In "Why the Innocent Plead Guilty and the Guilty Go Free: And Other Paradoxes of Our Broken Legal System," [Judge Jed S.] Rakoff reaches far beyond corporate boardrooms to highlight an array of shortcomings within the criminal justice system. His proposed fixes are worthy of consideration but also lay bare a harsh reality: The entrenched interests tolerating the system's inequities and, in some cases, profiting from the status quo pose significant obstacles to reform. Rakoff realized that America's "system of justice is failing its mission" after becoming a federal district court judge a quarter-century ago. What's the nature of this failure? The country imprisons millions of indigent Americans yet routinely allows white-collar criminals to avoid punishment. "To a federal judge," he declares, the government's reluctance to hold executives accountable and instead enter into "cosmetic prosecution agreements" with corporations that are repeatedly violated and unenforced "is disturbing ... in what it says about the DOJ's apparent disregard for equality under the law." Rakoff fittingly cites Pfizer to exemplify his point. The four deferred-prosecution agreements between the pharmaceutical giant and federal authorities from 2002 to 2009 – all devised to prevent future misconduct – failed to stop the company from flouting the law. Through it all, Pfizer's executives went unpunished, and the fines the company paid represented a fraction of its ill-gotten gains.
Note: For a much deeper analysis and discussion of Judge Rakoff's highly revealing book by courageous journalist Matt Taibbi, see this excellent essay. Consider subscribing to Taibbi's excellent work. For more along these lines, see concise summaries of deeply revealing news articles on corruption in the court system and in Big Pharma from reliable major media sources.
AP seeks answers from US gov't on tracking of journalists
2021-12-13, ABC News/Associated Press
The Associated Press sought answers Monday from the Department of Homeland Security on its use of sensitive government databases for tracking international terrorists to investigate as many as 20 American journalists, including an acclaimed AP reporter. In a letter to DHS Secretary Alejandro Mayorkas, AP Executive Editor Julie Pace urged the agency to explain why the name of Pulitzer Prize-winning investigative reporter Martha Mendoza was run through the databases and identified as a potential confidential informant during the Trump administration, as detailed in a report by Homeland Security's inspector general. The DHS investigation of U.S. journalists, as well as congressional staff and perhaps members of Congress ... represents the latest apparent example of an agency created in the wake of the 9/11 attacks using its vast capabilities to target American citizens. The AP's letter ... called for "assurances that these improper practices and apparent abuse of power will not continue going forward." That would be in line with recent order from Attorney General Merrick Garland prohibiting the seizing of records of journalists in leak investigations. That followed an outcry over revelations that the Justice Department under former President Donald Trump had obtained records belonging to journalists, as well as Democratic members of Congress. During the Obama administration, federal investigators secretly seized phone records for some reporters and editors at the AP.
The above three are excerpts from the news stories most recently posted to this website.
Explore our index to revealing excerpts of news articles on several dozen topics.
Don't miss amazing excerpts from the 20 most revealing news articles ever published.