GOP Bill Hands “Big Victory” To Wealthy Investors

The New Republic reports:

Buried in the new House GOP reconciliation bill — the blueprint for Trump’s agenda — is a new and expanded giveaway largely benefiting wealthy investors, according to tax experts I spoke to. And the nitty-gritty of this neatly demonstrates how the “corporatist” side of the alleged GOP identity crisis is winning out. To see why, recall that Trump recently got lots of media attention for supposedly wanting House Speaker Mike Johnson to use the bill to close the “carried interest loophole.”

That provision lets investment fund managers pay far lower tax rates on profits—a glaring example of the rigging of our tax code in favor of wealthy elites. Trump totally wants to raise taxes on the rich, credulous headlines screamed. But after Republicans protested Trump’s demand—and after private equity lobbyists got to work—Trump backed off rather meekly.

Result: The GOP bill does not end this loophole. As Punchbowl News puts it, this constitutes a “big victory to hedge fund managers, private equity executives, and their lobbyists.”

Read the full article.

Awful: Buried in the GOP bill is a provision that gives a NEW AND EXPANDED TAX BREAK TO WEALTHY INVESTORS, tax experts tell me. It was a bad idea to credulously accept it when Trump claimed to want to raise taxes on investor elites.

Details here:https://t.co/wjM4JTUfG6

— Greg Sargent (@GregTSargent) May 15, 2025