Earning high returns isn’t just a matter of bragging rights – endowment income supports the missions of nonprofit institutions, whether education, as with college and universities, or broader social programs, as at many private foundations. James B. Stewart Read Quote
The appreciation of capital assets is already taxed at an extremely favorable rate compared to labor. That’s why the rich pay such a low effective tax rate no matter what their marginal tax bracket. James B. Stewart Read Quote
The idea that content is king has long rested on the notion that distribution – in whatever form it takes – is a low-margin commodity, and the biggest share of profits flows to the creators of original programming, who can sell to the highest bidder. James B. Stewart Read Quote
Republicans seem to be gambling that most Americans won’t care about a few rich private equity managers if their own taxes go down, their stock portfolio goes up, and economic growth accelerates. James B. Stewart Read Quote
My experience bears out an adage about airlines: People almost always opt for convenience and price, even while complaining loudly about crowded planes and a dearth of amenities. James B. Stewart Read Quote
Many tax experts say a key element to any fundamental overhaul is getting rid of certain deductions for businesses – the ‘special-interest giveaways that are masked as tax breaks,’ as House Republicans describe many of them in their own proposal. James B. Stewart Read Quote
The National Multifamily Housing Council, a trade association of apartment owners, managers, developers and lenders, has come to the defense of the interest deduction and other provisions favorable to the real estate industry, describing them as ‘core principles’ and promising a fight. James B. Stewart Read Quote
Like or loathe Donald J. Trump, you have to give him this: He’s done more to shine a spotlight on the loopholes and fundamental unfairness of the tax code than any other American president. James B. Stewart Read Quote
The real estate lobby has prominent allies in both parties. After the last major overhaul of the tax code, in 1986 – under a Republican president, Ronald Reagan, a Republican Senate and a Democratic House – it was a Democrat, Bill Clinton, who signed legislation that restored lost real estate tax breaks seven years later. James B. Stewart Read Quote
