Nicely stated, that carried interest loophole is one of the biggest. I have a couple of buddies, one is the hardest working man I know, just like his father, he i still working, and we are all 74, he is a millionaire many times over, but to hear him some days he keeps working just to keep everything he has bought in his life. He still has his original 442, and 650 BSA. He keeps everything.
My other buddy his almost a billionaire, he inherited his wealth from his father, but worked really hard with his father to make it what it is today. He reminds us all of the time he makes more money by borrowing money, and then using those borrowed funds to deduct interest and real estate holdings to shield himself from any taxes. It is complicated, I never understand. But I remember the day he borrowed 583 million, the bank was happy to give him the loan. My buddy kept asking why you can't round it off to an even 600 million and give him the extra 17 million.
My buddy could barely ever get a loan for more than few hundred thousand. I had trouble getting a $ 15,000 a year working capital loan.
Some people know how to borrow money and use those funds to advance themselves.
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