Richard Quest On Leaked Taxes Of Billionaires: “Can't Blame The Rich” For Congress' Actions | Video | RealClearPolitics

Richard Quest On Leaked Taxes Of Billionaires: “Can't Blame The Rich” For Congress' Actions

|

CNN's Richard Quest and Catherine Rampell say the US tax code essentially allows the super-rich to avoid paying taxes on their wealth and say it's up to Congress to make changes if we want to even the playing field:

"Well, I think there are two things on the Pro Publica report. The first is that the tax code is full of loopholes and you can't blame the rich for making use of loopholes. Remember the old saying, you know, 'there's nothing wrong with avoiding tax, every person's duty is to avoid tax, the problem is evading tax,' and the reality here is there are loopholes in the system which these people have been able to exploit and I'm not sure you can blame them for exploiting things. You can blame them for lobbying or putting them in the first place or arguing for them but they are there and Congress can always remove them.

The second thing is I think taxing on wealth rather than income does create some difficulties because what you do when the wealth goes down on those years, do you then as Donald Trump did manage to claim a tax loss, a tax loss, by the way, that Donald Trump was able to roll forward for many years thereafter. Taxing wealth is a great and beautiful idea to quote the former president, but reality is it's difficult to do. There are inherent problems and the loopholes still remain, you start with the loopholes and then you worry about the wealth."

Comment
Show comments Hide Comments

Latest Political Videos

Video Archives