Tuesday, December 29, 2015

The wealthiest American families have built a private tax system for the rich

December 29, 2015

The New York Times

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December 29, 2015

 
SPECIAL REPORT
The wealthiest American families have built a private tax system for the rich. Here’s how it works.

Tuesday, December 29, 2015 11:27 AM EST

With inequality at its highest levels in nearly a century and public debate rising over whether the government should respond to it through higher taxes on the wealthy, the very richest Americans have financed a sophisticated and astonishingly effective apparatus for shielding their fortunes.
Operating largely out of public view — in tax court, through arcane legislative provisions, and in private negotiations with the Internal Revenue Service — the wealthy have used their influence to steadily whittle away at the government’s ability to tax them. The effect has been to create a kind of private tax system, catering to only several thousand Americans.
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