Posts Tagged ‘russell long’

Russell B. Long: Tax Loophole or Reform?

Posted by admin on Saturday, March 26, 2016

Funny Money Quotes: whoever gains the most from a tax policy gets to name it either reform or loophole. Russell B. Long said:
 
[Tax loophole is] something that benefits the other guy. If it benefits you, it is tax reform Quote
 

“[Tax loophole is] something that benefits the other guy. If it benefits you, it is tax reform” — Russell B. Long

 

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This quote from Russell B. Long is commenting on the subjective nature of how people view different provisions within the tax code. It suggests that when a tax rule benefits someone else, it is often seen as a “loophole” that should be closed.

However, if the same rule instead provides a financial benefit to oneself, it then becomes viewed more favorably as legitimate “tax reform.” In essence, Long is recognizing that there is a self-interested bias in how people judge the fairness of deductions, credits, exemptions and other aspects of tax policy – what damages others is a loophole, but what helps oneself can be rationalized as reform.

The quote wryly highlights this inconsistent perspective on an issue that many see differently depending on their own personal interests.

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