3min chapter

Planet Money cover image

Carried interest wormhole

Planet Money

CHAPTER

American Express Business Cards - The Right Card for Your Business

In 19 54, we got a huge re structured tax code. The sort ofjst spelled out lots of the tricks rich people were using and said, yea ya, here you go. Heres a bunch of rich people tricks. They're fine. Have at have a good time, kids. Don't do anything i wouldn't do. And who would have been using this in the fifties? Oil and gas, film industry, ranching. But one person would take that little break to the exact right place at the exact right time to make the big carried interest loophole that we know and love to day.

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