Comment Oh, one more thing (Score 1) 768
That being said, there is some nasty stuff going on on wall street that very much needs to be strangled. Manipulations with total return swaps and similar instruments that put cash into the hands of folks with massive investment holdings without having to report the cash as income. I certainly don't understand all the machinations, but I fully support giving the IRS teeth to dig into the results, not the methods.
If you've got three yachts, five mansions, and twenty three luxury cars you'd better have paid income tax consistent with your level of spending. If it looks like income and it smells like income then as far as I'm concerned it's income. I don't care what elaborate financial transaction ultimately resulted into that valuable asset finding it's way physically into your hands.
If your houses collectively are worth 1000 times what my one house is worth and you're paying 1000 times the property taxes then I'm happy. If you're playing some trickery where they're not "really" your houses, you merely have exclusive access to them and control over them but they're "actually" expenses on the balance sheet of a Burmuda Corp that you own through seven subsidiaries then I've got a problem with that.