The IRS Will Close This Tax Loophole — Unless Wall Street Gets Its Way
JULY 9, 2015
Hedge fund managers are fighting to keep a little-known tax cheat that saves them hundreds of millions, if not billions, of dollars.
nearly a decade, Democrats from President Obama on down have vowed to close the “carried interest” loophole, which allows investment managers to classify a substantial portion of their income as capital gains, benefiting from reduced tax treatment. But there’s another, even more audacious loophole hedge fund managers routinely use to further reduce their tax burden.
It involves a form of laundering—cycling money through shell companies pretending to sell a specialized form of insurance. Using this technique, the nation’s biggest hedge fund managers have shielded hundreds of millions, if not billions, of dollars.
http://prospect.org/article/irs-will-close-tax-loophole-unless-wall-street-gets-its-way
Hey i TOO am ALL for the IRS.....
sure I am.!!!
Mr Modified Mullet is playing a lot of people...refuse to be one