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Joseph Mangano's avatar

The carried interest loophole is a great topic for discussion because it helps lay bare how broken the U.S. tax system is. There should be broad agreement across the political spectrum that taxes on the richest Americans should be raised and, with that, enforced. The "private equity firms are the real job creators" line that the Chamber of Commerce is pushing is more trickle-down nonsense that Democrats should pushing back against with force.

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Not that Nick's avatar

Income is income, regardless of source. For personal tax purposes, there should be no special brackets or treatment. No matter how much you made, from $1 to $1,000,000,000 and up, there should be a single income line on the tax form and the taxpayer should add everything up--interest, dividends, capital gains, winnings or wages--and put the total on that line. Exemptions? Sure. Deductions? Okay, but they phase out above a certain income level.

Eliminate all the special classes of income and we could reduce the marginal rates and still increase tax revenue. And it makes it that much harder for the super-rich to cheat by eliminating possibilities.

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