Democrats in Washington are still pushing ahead with plans for their historically astronomical $3.5 trillion spending bill. The massive regulatory and social changes included would push America further to the left than ever before. The reconciliation spending bill, which can be passed with no Republican votes in the House or Senate, includes a ton of tax increases along with the huge new spending increases. The proposal will reportedly raise the individual income tax rates and the corporate income tax rates. According to the most recent news reporting, however, one tax policy is going to make it through the huge left-wing agenda unchanged: the so-called carried interest loophole — special low tax rates for Wall Street money managers.
With the left pushing a socialist agenda and many on the right so frustrated they are ready to burn down the establishment altogether, how has Wall Street been able to retain a fundamentally unfair special tax treatment throughout one of the greatest populist moments in U.S. history?
The answer, of course, is that through all of America’s recent travails, Wall Street still runs Washington. Through the violence in American streets, an opioid crisis ravaging the heartland, manufacturing shrinking away, political upheaval and all the other