On this edition of Your Call, we discuss the tax provisions in the Democrats' reconciliation bill, which passed the Senate on Sunday without one Republican vote.
The bill would raise more than $700 billion over a decade by closing corporate tax loopholes, empowering the IRS to enforce tax laws, taxing stock buybacks, and extending a limitation on deductions for business losses.
Senator Kyrsten Sinema removed the tax provisions for wealthy investors and hedge fund managers. Over the past few weeks, private equity lobbyists were in constant touch with her office, according to the Wall Street Journal.
Guests:
David Cay Johnston, editor and co-founder of DCReport.org, visiting lecturer at Syracuse University College of Law, and author of several books, including Free Lunch: How the Wealthiest Americans Enrich Themselves at Government Expense (and Stick You with the Bill)
Joe Hughes, federal policy analyst with the Institute on Taxation and Economic Policy
Web Resources:
Institute for Taxation and Economic Policy: Corporate Tax Avoidance Under the Tax Cuts and Jobs Act
The American Prospect: Winners and Losers on Tax Policy
The American Prospect: A Stock Buyback Tax Isn’t a Great Idea
Institute on Taxation and Economic Policy: Opponents of Inflation Reduction Act Call for Continued Tax Avoidance by Large Manufacturers
Mother Jones: The Carried Interest Loophole Is Going to Outlast Us All
The Wall Street Journal: How the Private-Equity Lobby Won—Again