Nick Shaxson ■ Hedge funds versus tax collectors: quote of the day
From U.S. tax professor Victor Fleischer, in an article looking at how hedge funds and their managers use Bermuda reinsurance vehicles for their tax shenanigans:
“The chess match between tax collectors and fund managers will continue.
The top 25 hedge fund managers have one advantage, though. They made more than five times the income of all the federal, state and local tax examiners, collectors and revenue agents in the United States, combined.
That bit in bold is our quote of the day. Just think of all that lobbying power. It illustrates one of the problems with tackling tax avoidance by the world’s wealthiest individuals and corporations.