In 2016, when Donald Trump was campaigning for president, he got a ton of mileage out of lamenting, to all who would listen, that “the system is rigged” against ordinary Americans. Which it is. But Trump usually neglected to note that the “system”—of taxation, for one—is rigged by financial professionals hired by rich people like him, and their companies, to make the whole lot of them richer. The New York Times‘ Jesse Drucker and Danny Hakim report today on one slice of this game: the revolving door between massive accounting firms like KPMG, EY, PwC, Deloitte, and RSM and the Treasury Department, where tax guidelines enacted by Congress are put into practice: From their government posts, many of the industry veterans approved loopholes long exploited by their former firms, gave tax breaks to former clients and rolled back efforts to rein in tax shelters—with enormous impact. According to the report, these private-sector professionals, after a relatively short stint at Treasury pushing tax workarounds desired by their clients, or helping to kill or water down proposals that might cost clients money, are then welcomed back at their firms, which often reward them with lucrative raises and promotions.
Comment on How Finance Firms Rig the Tax Code From Within
Michael Mechanic, Mother Jones
Sun, 09/19/2021 - 4:06pm
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