IRS Tax Penalties and the Tax Professional Reliance Defense - No one wants to pay federal taxes. And this truism applies more so with respect to federal tax penalties. Accordingly,.
economic activity by u.s. multi nationals to locate in the u.s. but there s going to be a heck of a lot more of it. and i think it should lead to about a 15% capital increase and that s a heck of a lot of gdp. the president made a promise about this bill. he made it again and again and again. i remember in an interview i did with him when he first even talked about a tax policy during the campaign. here is his promise. you know, many of your friends, they re hedge fund guys and you have the carried interest deduction and a lot of other deductions that frankly it s a joke. it s tremendous amounts of money and it s money that they really don t need. they want it because they re used to paying no taxes. i would take carried interest out and i would let people that are making hundreds of millions of dollars a year pay some tax because right now they re paying very little tax. we are, as an example, getting rid of carried interest, which is the darling of wall street. we re getting rid
class. and i think people see that and they re seeing it more and more. and the more they learn about it, the more popular it becomes. and i think the end result will be even better. but make no mistake, the plan is good for billionaires, including a very specific group of them. in part because of a broken campaign promise by president trump. jason carroll is outfront. reporter: protesters against the gop tax plan taunting president trump as he attended private fund-raisers in new york city saturday. one of them at the park avenue upper east side address and home of steven schwarzman, friend and business adviser, who hosted an invite-only $100,000-a-head fund-raiser for trump. the attendees included hedge fund king, steve cohen, who like schwarzman, plan to profit from the president breaking this campaign promise on tax reform. we re getting rid of carried interest provisions.
street. we re getting rid of carried interest provisions. they re not. it is a loophole that benefits the wealthy, senator, as you know. two of the wealthiest men in the world, americans, benefitted from steve schwartzman, worth more than $12 billion. henny kravis, both of them donors to crump s inauguration funt. is this cronyism at its best? let me make a couple points. number one, i think our bill will simplify the tax code. right now, it s 10 million words. you can stand on the thing and paint the ceiling. that will be simpler. number two, it s not a perfect bill. my guess is you will see an amendment on the floor that will address this carried interest loophole, if you will. but if you can t get it in the bill itself, how would it get through in an amendment? i happen to agree with you on that. but i just speak for me personally, i m not going to let the perfect be the enemy of the good. i think this bill will add at