Private Inequity: How a Powerful Industry Conquered the Tax System

[ergophobe]

https://www.nytimes.com/2021/06/12/business/private-equity-taxes.html

The Trump administration's farewell gift to the buyout industry was part of a pattern that has spanned Republican and Democratic presidencies and Congresses: Private equity has conquered the American tax system. The industry has perfected sleight-of-hand tax-avoidance strategies so aggressive that at least three private equity officials have alerted the Internal Revenue Service to potentially illegal tactics
... [audits are rare] ...
Increasingly, the agency doesn't bother. People earning less than $25,000 are at least three times more likely to be audited than partnerships, whose income flows overwhelmingly to the richest 1 percent of Americans.