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Am I The Only Person Paying Taxes? The Largest Tax Loophole For The Rich - Exchange Funds, David J. Herzig
Am I The Only Person Paying Taxes? The Largest Tax Loophole For The Rich - Exchange Funds, David J. Herzig
Law Faculty Publications
President Obama is faced with a national debt at over $11 trillion and needs to fund projects such as National Health Care with an ever-shrinking tax base. As the economy has slowed, so have tax revenues. It would then make sense for the government to reexamine tax carve-outs that only benefit the wealthy. In fact, President Obama is on record saying he wants to eliminate tax loopholes. After almost fifty years, the time is ripe to eliminate one of the few congressionally authorized tax loopholes—the $30 billion Exchange Funds.
This Article addresses the social equity arguments and the tax and …