IRS Tried to Close Tax Loophole, Rich Guy Just Used It Anyway
According to the NYT, the IRS tried to shut down a specific tax avoidance strategy, yet prominent donor Scott Bessent (who happens to be a major Republican donor, with millions funneling to campaigns and super PACs over the years, per OpenSecrets.org) confidently utilized it anyway. This isn't just about one rich guy; it's a feature, not a bug, of a system where political contributions secure
access and favorable treatment. While the average American struggles with inflation and dwindling social services, these 'legal' tax dodges disproportionately enrich the donor class. One might wonder who benefits when the IRS's efforts to close loopholes are consistently undermined. So, the IRS 'tried' to stop it, but a donor just… did it? It wouldn't be the first time wealth found a way around
inconvenient regulations, always with a perfectly legal explanation. Perhaps the real 'loophole' is the entire campaign finance system that allows those with the most capital to effectively legislate their own financial exemptions while everyone else is told to 'pay their fair share.'