The Original DailySkew

This week, I read about the carried interest tax break, and how an estimated 6,300 people like Mitt Romney take advantage of this loophole to lower their tax rate. Without getting into the a tax policy debate, I would like to point out one sentence from the Reuters article that is a great example of doublespeak:

Carried Interest Tax Break Loophole

Taxpayers could save $13.5 billion over 10 years by closing the carried interest tax break, the Obama administration estimated on Monday.

Really? Taxpayers like you and me are going to save money if this loophole is closed? Oh, so does that mean I’ll be getting a check from the U.S. Treasury at the end of the year for my savings?

Of course not! Closing the carried interest tax break loophole will not save us any money. It will increase revenues into the government’s coffers. The writer of the Reuters article should have stated:

The government will collect an additional $13.5 billion in revenues by closing the carried interest rate.

Next time, Reuters might consider being more accurate, instead of being useful idiots for the politicians in Washington, D.C.

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