Friends:
We have a double feature for you today: two major stories that our reporters just dug out. Huge thanks to our supporting subscribers for funding this work. Check out these stories:
1. Dems’ Stealth Gift To Their Wall Street Donors: Democrats and the Washington press corps spent the last week insisting that the party was about to close a notorious tax loophole that allows many Wall Street billionaires to pay a lower tax rate than most Americans. In truth, the proposal — which now appears to be off the table — would have left most of the loophole open. The bait and switch allowed party lawmakers to pretend for a moment they were finally cracking down on private equity moguls, before they gave up the act entirely.
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2. Schumer’s Family Business: The world’s largest private equity firm hired Senate Majority Leader Chuck Schumer’s son-in-law as a lobbyist days after Schumer announced a deal to somewhat limit the tax loophole enriching private equity moguls. Now the proposal is gone from the bill.
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