From The Washington Post, 8/3/07:
http://www.washingtonpost.com/wp-dyn/content/article/2007/08/02/AR2007080202620.html?nav=rss_print/asection
By Jeffrey H. Birnbaum and Lori Montgomery
Washington Post Staff Writers
Friday, August 3, 2007; Page A01
The most controversial tax break on Wall Street, known simply as the
Carry, is not authorized by any law and was never approved by
Congress.
Instead, it grew quietly over several decades, hinted at but never
directly addressed in obscure court cases and arcane regulations
issued by the Internal Revenue Service.
Unchallenged by lawmakers, it swelled into a benefit that, by one
back-of-the-envelope estimate, spares a small band of the country's
richest and most powerful financiers $6 billion a year in personal
income taxes.
The astonishing cost of this tax break to the federal government has
riveted attention on Wall Street's titans of the moment, the
extraordinarily wealthy managers of private-equity firms and hedge
funds.
Until now, they have gone largely unexamined by Washington.
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Makes your day, eh?
Harry
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