Just to be clear: I do want to reform the carried interest tax loophole! I am so excited to work on it. Sounds bad! Seems bad! It is a no-good, rotten thing, and I don’t want it to keep existing. I look forward to legislating it away. That being said, if you remove it right now, in this Inflation Reduction Act, I will vote against it, and I will torpedo the whole bill.
I just want this bill to have some fun (and help the rich avoid taxes)!
Why? Whimsy! I just wanted to leave my own special Kyrsten Sinema touch on the bill!
I am a manic pixie dream senator who wants to make this bill slow down and embrace life! Everyone else is sitting there in their penguin outfits in neutral tones! Their idea of a fun, whimsical thing to do is a vote-a-rama! At most, they will go sit on a yacht for a brief time. Not me; I’m different! And I’m here to make sure this bill is different, too.
Inflation Reduction Act, why are you so staid and straightforward? Look at you, sitting there just closing tax loopholes for hedge funds! And you’ve got that across-the-board 15 percent tax on corporations. Don’t you know that corporations can sometimes be friends? Maybe not all corporations deserve an across-the-board tax. Some corporations are really chill, actually, and other corporations are donors and sometimes a private equity firm has a whole other side you might not have expected, if you just give it a chance!
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Maybe, you’re so busy closing loopholes that you forgot how to be open. Maybe you need to open up, actually, those loopholes, please. That’s why I’m here: Someone’s got to be just that little bit random, conveniently in a way that does consistently involve decreasing the amount of money corporations and the absurdly wealthy pay in taxes.
Sometimes you see a bill and you see how hard that bill is working to do good. That poor bill looks exhausted, doing so much! Reducing carbon emissions and decreasing the deficit and lowering ACA premiums and — and — and! And you’re like, “Bill! Relax! You don’t need to do it all! What you need to do is to stop and smell the roses. Or the rosés, like at the private equity-adjacent winery where I interned in 2020 — while serving as senator! Unrelatedly, do we really need to close the carried-interest tax loophole now? Maybe, actually, we need to live a little.”
I can be the friend this bill needs to urge it to run through a sprinkler at dusk and spin around on a beach listening to the Shins. It’ll be like Amelie, but if instead of freeing garden gnomes from people’s yards, we liberated them from pesky taxes, and if instead of gnomes, those were the account books of private equity firms! You know what they say: Is it really quirky and spontaneous if it doesn’t coincidentally also happen to benefit corporations and hedge funds? Maybe, but we can’t take that chance!
Think about who stands to gain from this bill: Lots of people! People who want to have a nice habitable planet in the future! People who want to pay lower health-care premiums! People who want lower inflation! But now think about the people whom this bill will make sad: hedge funders!
Doesn’t that make you sad? Can’t we do something nice for the hedge funders, too, just — ’cause? We’d better, though, or I won’t support it.
Come, bill! Come put your toes in the grass and run through the rain with me, and also, just for fun, let’s make certain that the new 15 percent minimum tax on corporations doesn’t affect that particular corporation! Or that one! Or that one! I’m pointing randomly, I swear! Just from whimsy, again, my driving feature! But I am finding exemptions — a lot of them!
I don’t know what life is all about, but it’s too short not to do what you can to prevent wealthy corporations and private equity firms from paying taxes. And then we’ll go dance in the moonlight and make a sound nobody has heard before.
Ready? I’ll start, by saying a sentence that has never been said: “I think this loophole that allows private equity firms to pay less than their fair share in taxes should be left open!” Hahaha, wow, I can’t believe I just said that! Maybe no one will ever say it again! Except me. Who knows? I might say it lots of times!