![]() 3 As a presidential candidate, Trump repeatedly promised to eliminate the carried interest loophole, saying that wealthy hedge fund managers were “getting away with murder” and ensured that he would change that. Provisions of the new tax law, informally known as the Tax Cuts and Jobs Act (TCJA), that directly benefit the wealthy and corporations include: lowering the top individual income tax rate to 37 percent weakening the individual alternative minimum tax, which originally was designed to ensure that the wealthy pay a minimum amount of tax gutting the estate tax allowing a giveaway to wealthy pass-through business owners and slashing the statutory corporate tax rate.Īs if these provisions were not generous enough, the new law creates unprecedented opportunities for tax gaming.
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