How Finance Firms Rig The Tax Code From Within

Michael Mechanic, Mother Jones
Sun, 09/19/2021 - 4:06pm

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.

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Topics:  donald trump   the new york times jesse drucker   danny hakim   kpmg   pwc   deloitte   rsm   internal revenue service   congressional joint committee   taxation    it s   california-berkeley   gabriel zucman   wall street   goldman sachs   paulsen   steve mnuchin   obama   private investor coalition   jake sehar   sen joe biden   times   the biden   senate   top   dems    jeff bezos   warren buffett   bill gates   elon musk   george soros   mark zuckerberg   propublica   democrats   capital   biden s   republican   biden   democratic   audrey walton   walmart   marc zuckerberg   sheryl sandberg   grats   shiff hardin   means committee    eliminating   as chuck collins   the wealth hoarders   trump   america   i   times    hakim   ey   treasury   treasury department   in   it s   for    in    biden   the dems   dems    the   house    the   grat   walton   sheldon adelson   house ways   means   tax code   percent   pay   rate   taxes   proposal   year   stock   government   person   people   cost   estate   law   amount   door   corporate   tax-free   system   trusts   leave   assets   managers   sell   won   taxpayer   caved   move   hundreds   huge   needle   based   set   extra   wage   trust   level   loans   cases   secure   dollars   propose   charge   short   return   long   close   report   years   wealthy   book   rule   shares   rates   reportedly   adds   share   dollar   exempt   taxed   put   transfer   annually   wanted   lawyers   current   curb   management   goal   small   grantor   
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