The greed and leverage boys don't want to pay taxes in their lifetime. They want tax avoidance to be perpetual for their friends and relations. They are policy making billionaires, thus elected officials cater to their whims and wishes.
The sparsely populated state of South Dakota has become a haven for dynasty trusts.
US politicians like to boast that their country is the best place in the world to get rich, but South Dakota has become something else: the best place in the world to stay rich.
Private equity underwriters (PEU) hate paying taxes. Carlyle Group co-founder David Rubenstein paid 11.4% of his earnings in federal income taxes. This policy making billionaire lobbied Congress multiple times to keep private equity's preferred carried interest taxation.
Politicians Red and Blue love PEU and increasingly, more are one. They ignore public will which has long wanted the rich to pay their fair share in taxes.
