If you were to sit down with a focus group and a whiteboard, you would have a hard time coming up with a policy with less populist appeal than the nearly three-decades-old loophole that cuts private equity billionaires' tax rate almost in half.
The carried-interest loophole, Barack Obama said, upset the balance between work and wealth. Donald Trump claimed the fund managers who availed themselves of this tax break were getting away with murder. Joe Biden, like both of his predecessors, ran for president on a pledge to end it.
People get this really easily-we're giving a whole lot of rich people more money for no reason other than them being rich, says Mandla Deskins, advocacy manager at Take on Wall Street, an organization pressuring members of Congress to jettison this tax break.
On paper, it's an idea that almost nobody says they want. Polls show the public is overwhelmingly against it. Mitt Romney lost his bid for the presidency in part because of it. Tax experts think it's unfair. Carried interest has no real constituency outside certain corners of Nantucket. But for a decade and a half, private equity's favorite tax break, which delivers hundreds of millions of dollars annually to the guys in blue button-downs and matching fleeces who bought your company and laid you off, has been the most unkillable bad idea in a town with no shortage of them, a testament to the unstoppable combination of money and inertia.
Well, money mostly.
It's not necessarily dead, Deskins says of the most recent effort to close the loophole, but it is definitely on pause.
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In the Name of the Mother - How Shyamala Gopalan Harris raised a presidential contender
Shyamala Gopalan Harris did not believe in coddling. Pay her daughters, Kamala and Maya, an allowance for doing chores? “If you do the dishes, you should get two dollars,” scoffed the woman who this past summer, almost two decades after we spoke, would launch a million coconut memes. “You ate from the damn dishes!” Reward the future vice president of the United States—and possible future president—for good grades? Ridiculous. “What does that tell you?” her mother chided. “It says, ‘You know, I really thought you were stupid. Oh, you surprised Mommy!’ No.”
Kill the Messenger - The anti-disinformation field is retreating under attack.
A few months ago, a man crawling along a rooftop in Pennsylvania tried to murder Donald Trump at a campaign rally. Hours later, press releases started to circulate, from analysts, think tanks, politicians, and pundits, all offering to cut through the swell of confusion and misinformation.
Food + Health / Global Warning - Why Project 2025 is an environmental catastrophe in the making
When President Joe Biden took office, Democrats held a slim majority in the House of Representatives and a single-vote edge in the Senate. Despite the monumental odds, he has presided over the most productive presidential term for climate action in American history. Under Biden’s direction, the federal government took up the arduous task of incorporating climate considerations into scores of administrative operations and procedures. The epa cracked down on superpollutants and issued stricter emissions regulations for passenger vehicles. The Inflation Reduction Act, the biggest climate spending bill Congress has ever passed, brings the nation closer to its goal of slashing carbon emissions in half by 2030.
Trumpnesia - To get a second chance, Trump needs voters to forget his disastrous presidency.
One of the most oft-quoted sentences ever penned by a philosopher is George Santayana’s observation that “those who cannot remember the past are condemned to repeat it.” In 2024, this aphorism is practically a campaign slogan. Donald Trump, seeking to become the first former president since Grover Cleveland to return to the White House after being voted out of the job, has waged war on remembrance. In fact, he’s depending on tens of millions of voters forgetting the recent past. This election is an experiment in how powerful a memory hole can be.
WHEN IN DROUGHT
This obscure yet adaptable grain could be a healthy staple for a warming planet.
BAD HABITS
A spate of recent horror movies recycle tired tropes about nuns-and reveal society's ongoing discomfort with independent women.
Taking the Fifth For a glimpse of the Supreme Court after a second Trump term, look at the radical circuit court that's already driving America to the right.
Imagine obamacare is dead and millions of Americans have lost health coverage.
THE ARCHITECT
TRUMP WANTS TO BE KING. RUSS VOUGHT HAS A PLAN TO MAKE IT HAPPEN.
Losing Faith
As an evangelical leader, I enticed lawmakers and federal judges to adopt a conservative Christian agenda. Donald Trump’s rise proved how wrong I was.
GOD'S COUNTRY
These Christian nationalists have a plan to take over Americafrom small towns to the highest court in the land.
