Pascrell Op-Ed Again Urges End to Infamous Tax Loopholes
WASHINGTON, DC – U.S. Rep. Bill Pascrell, Jr. (D-NJ-09), the Chairman of the House Ways and Means Subcommittee on Oversight, this weekend published an op-ed in the North Jersey Bergen Record outlining the two worst loopholes in America’s federal tax laws, so-called carried interest and stepped-up basis, and urged their closure as essential to creating a fair tax system.
As Oversight Chairman, Pascrell has made reform to America’s two-tier tax system one of his highest priorities on the Ways and Means Committee. On December 7, 2021, Pascrell convened an oversight hearing on how wealthy families increasingly transfer property for generations to avoid ever paying taxes on vast fortunes. The hearing shed new light on how Americans are using states likes South Dakota and Wyoming as favored tax havens to hide their money right within U.S. borders. On March 8, 2022, Pascrell impelled Treasury Secretary Janet Yellen to expand efforts to crackdown on tax abuse by wealthy families.
The text of Pascrell’s latest op-ed is below.
The federal tax code is broken. Here are two steps toward fixing it
By Rep. Bill Pascrell, Jr.
Navigating impossibly complicated instructions or to spending hard earned money to download software or hire a CPA – and all for the task of forking over more money to Uncle Sam – can be frustrating.
Making the process even more agonizing is that we are all participants in…
