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Friday, Aug 19 2022

J.D. Vance Labels Himself As the Elite in Tax Loophole Exploitation

Aug 19, 2022

Today, The Lever reported that faux-populist Ohio GOP U.S. Senate Nominee J.D. Vance “structured his income to exploit a controversial tax loophole that almost exclusively benefits the super-rich.”

Politicians from both parties have opposed this tax loophole, but if elected, Vance could jeopardize any opportunity to pass legislation that ensures the ultra-wealthy pay their fair share.

On the campaign trail, Vance has claimed to be a derider of the “elites,” but in reality he repeatedly promotes their best interests. Moreover, his loyalty to his Big Tech backer Peter Thiel proves he’s running to represent billionaires and millionaires, not Ohioans. By taking advantage of this tax loophole, Vance has shown he is just like the company that he keeps.

The Lever: J.D. Vance’s Wall Street Tax Dodge

By Julia Rock | August 19, 2022

Key Points:

  • “The supposed populist Ohio Republican Senate candidate J.D. Vance has structured his income to exploit a controversial tax loophole that almost exclusively benefits the super-rich, according to financial disclosures reviewed by The Lever.”
  • “Politicians in both parties have denounced the tax dodge — but if they ever get serious about trying to eliminate the maneuver, Vance could stand in their way. If Vance wins in November, the Senate’s arcane rules could empower him to stall any initiative to close a tax loophole from which he stands to personally benefit.”
  • “Only an elite few are eligible for the notorious carried interest loophole, which allows private equity and hedge fund moguls to pay a capital gains rate of 20 percent on some of their income, rather than the typical 37 percent tax rate for top earners. In contrast with regular investors, only general partners — the firms’ top executives, who have become some of the richest people in the country — benefit from the loophole.”
  • “Such financial maneuvers contrast with Vance casting his campaign as a populist crusade against elites. Having risen to fame thanks to his 2016 memoir Hillbilly Elegy, Vance has positioned himself as a “conservative outsider” — despite the fact that he is being backed by his former boss, billionaire venture capitalist Peter Thiel, as well as former President Donald Trump.”

Read the full report here.

Published: Aug 19, 2022 | Last Modified: Aug 28, 2022

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