Law Commons^™

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 …

Carried Interest: Can They Effectively Be Taxed?, David J. Herzig

Law Faculty Publications

During the April 2008 Democratic Debate, former Senator Obama with former Senator Clinton almost referred to the subject matter of this article verbatim at page three of the transcript. ("We saw an article today which showed that the top 50 hedge fund managers made $29 billion last year-- $29 billion for 50 individuals. And part of what has happened is that those who are able to work the stock market and amass huge fortunes on capital gains are paying a lower tax rate than their secretaries. That's not fair. ") (http://abcnews.go.com/Politics/DemocraticDebate/story?id= 46702 71&page= 1). As stated by both candidates, the …