On the recordDecember 19, 2017
we need bipartisan tax reform. We should simplify our Tax Code. It has been filled over many years with all sorts of junk that was put there by high-powered lobbyists, rather than because of the public interests. Unfortunately, this bill has nothing to do with tax reform. In fact, it is hard to believe you could take a tax code that is already stacked in favor of the very wealthy and the very powerful and make it even more favorable to the very wealthy and very powerful, but that is exactly what this Republican tax plan does. Exhibit A about how this has nothing to do with tax reform has to do with the carried interest loophole. Many may recall that during the last campaign, whenever Candidate Trump talked about the need to reform the Tax Code, what was his No. 1 example? He said: We have to get rid of the carried interest loophole for hedge fund managers. Go back and run the tape. Every time somebody asked him what was broken about the Tax Code, that is what he said. In fact, he said: The hedge fund guys are getting away with murder. They're making a tremendous amount of money. They have to pay taxes. That was Candidate Donald Trump. Well, here we are. Shortly, we are going to vote on the final Republican tax plan. And guess what. In a tax plan that is over 500 pages, nowhere do they get rid of the carried interest loophole for hedge fund managers.…
