Reddit reviews Showdown at Gucci Gulch: Lawmakers, Lobbyists, and the Unlikely Triumph of Tax Reform
We found 5 Reddit comments about Showdown at Gucci Gulch: Lawmakers, Lobbyists, and the Unlikely Triumph of Tax Reform. Here are the top ones, ranked by their Reddit score.
> Why is this deduction valid in the first place?
Because, tradition. And I mean that literally. the original income tax code made all interest spending deductible on the assumption that it was business spending, because there was very little personal credit in 1913. that broad exemption continued to exist until 1986, when the deduction was narrowed to mortgages as part of the immense balancing act that was the 1986 reform bill. Had they eliminated it, it would have been an immense tax hike on everyone who owned a home, and the bill had to meet all sorts of political hurdles to get passed.
86 was tax reform, not tax cuts. It was a response to the crazy tax loopholes that existed at the time allowing for the rich to avoid paying taxes through really crazy investment vehicles. There was a huge public outcry about the unfairness in the code, not just the rate. That's why it was revenue neutral, they actually closed loopholes instead of making new ones.
For a really gripping account of the passage of that bill, have a look at the showdown at guchi gulch.
https://www.amazon.com/Showdown-Gucci-Gulch-Lawmakers-Lobbyists/dp/0394758110
If you like that kind of thing, there is a book that details how the 1986 tax reform was passed, and how it mutated over time. It's fascinating how many people had their hands on it.
It's called Showdown at Gucci Gulch.
Showdown at Gucci Gulch https://www.amazon.com/dp/0394758110/ref=cm_sw_r_cp_awd_4pZxwb0ZEWDRX
Some books I've enjoyed:
These aren't technical tax books, but if you're not planning on going into tax they're a lot more useful and interesting than reading something like The Logic of Subchapter K or something.
http://www.amazon.com/Good-Evil-Impact-Course-Civilization/dp/1568332351
http://www.amazon.com/Showdown-Gucci-Gulch-Alan-Murray/dp/0394758110/ref=sr_1_1?s=books&ie=UTF8&qid=1464585769&sr=1-1&keywords=gucci+gulch