One thing everyone can agree on in the short term is dealing with the fiscal cliff. Chanos, who has asked Republicans to be more specific with their plans to raise revenues. “It’s all well and good to say ‘I want to lower rates or at least not raise them and I want to close loopholes.’ My answer is, which ones? Be specific, please. List them in order,” he said. Once you start going to things like mortgage interest deductions or charitable contributions, you begin to realize that tears the economic fabric in other ways. How about we start with carried interest? No one seems to want to put that on the table. What about corporations accruing but not paying their federal taxes by keeping their profits offshore?” [AR]

Comments (16)

  1. Posted by Pseudoguest | November 9, 2012 at 7:15 PM

    Comrade!

  2. Posted by Bejujular | November 9, 2012 at 8:02 PM

    Mortgage interest deduction would seem like a decent deduction to tackle as it encourages consumption both beyond one's means and inevitably seems to create bubbles whenever the money supply is eased.

    - Godless Canadian with carried interest provisions but no mortgage interest deduction

    tags: kill yourself Trump.

  3. Posted by Quant me maybe | November 9, 2012 at 8:31 PM

    I'm all for raising taxes. As long as they are not mine.

  4. Posted by Common Cents | November 10, 2012 at 12:45 AM

    Let's see…get rid of the mortgage deduction and crush the housing industry just as it is maybe starting to recover, or tax carried interest, and harm an alternative asset mgmt industry that in the aggregate can't beat a dart board but every once in a while flames out in spectacular fashion. Voters gonna struggle with that one.

  5. Posted by WTF__k | November 10, 2012 at 2:31 AM

    The world needs ditch diggers too, Danny.

    Just as the world could use more renters, both to reduce false incentive for spending beyond one's means and to increase labor mobility.

    As for carried interest, however, I agree – tax away.

  6. Posted by Guest | November 10, 2012 at 1:00 PM

    Stopped reading at Canadian. So pretty much read the whole thing.

  7. Posted by OWS | November 10, 2012 at 4:01 PM

    Tax soap and water !

  8. Posted by allergic to bullshit | November 10, 2012 at 7:24 PM

    Jimmy – how about a tax on accumulated wealth? Is that specific enough for you? It would be perfect for d-bag hedge fund managers that have had no problem paying the current rates on carried interest forever while lamenting that they are too low to score points with the unwashed masses.

    - guy who actually admires Chanos' investment approach but can't stand intellectually dishonest assholes on public policy issues

  9. Posted by Common Cents | November 10, 2012 at 8:26 PM

    Tax policy causes people to spend beyond their means? Only if misunderstood. You're confusing the mortgage deduction with adjustable/teaser rate mortgages, liar loans, and other creatures of the housing boom that I think we can all agree should stay gone.

  10. Posted by hedgefund88 | November 11, 2012 at 1:38 AM

    Chanos is even keeled when it comes to most issues. He clearly does not believe that the fiscal cliff will be solved. The next question is – what is he shorting to profit from it?

  11. Posted by nki | November 11, 2012 at 6:48 AM

    you realize that our consumer debt levels are now higher than these American pig dogs'?

    - Fellow Godless Canadian, content that he isnt in debt but scared that moronic fellow citizens and Chinese money launderers are about to kill his property value.

  12. Posted by unwanted guest | November 12, 2012 at 1:07 AM

    The second most interesting man in the world.

  13. Posted by C. Darwin | November 12, 2012 at 10:05 AM

    Why the long face?

  14. Posted by guest | November 12, 2012 at 10:14 AM

    I liked it when you put me on a table!

    – Ashley Dupre

  15. Posted by qwestion | November 12, 2012 at 10:45 AM

    Chanos looks like the love child of Paul Benedict (white neighbor on The Jeffersons) and Roddy McDowall.

  16. Posted by Quant me maybe | November 12, 2012 at 8:04 PM

    The picture scares me.