Why do Americans perceive the tax code as unfair?
Because at least some of it is. As Warren Buffet famously pointed out, when he can pay a lower tax rate than his secretary, something is wrong.
Writing in The New York Times, Victor Fleischer suggests eight changes in interpretation and enforcement of the code to close loopholes. These changes could be made by IRS and the Treasury Department without any Congressional action. They’re all aimed at such Wall Street practices as the carried interest loophole that allows venture capitalists to pay 15% tax on their services.
I don’t know if I like the idea of Treasury and the IRS taking action without new legislation. But who wouldn’t like to see some high-end loopholes narrowed or closed?