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Jim Chanos Wants To See Some Real Ideas For Tackling The Fiscal Cliff And He Wants Them In 12-Point Font, Single-Spaced, Not Scribbled Out On A Crumpled Up Cocktail Napkin

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]

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16 Responses to “Jim Chanos Wants To See Some Real Ideas For Tackling The Fiscal Cliff And He Wants Them In 12-Point Font, Single-Spaced, Not Scribbled Out On A Crumpled Up Cocktail Napkin”

  1. Pseudoguest says:

    Comrade!

    • hedgefund88 says:

      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?

  2. Bejujular says:

    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.

    • Guest says:

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

    • nki says:

      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.

  3. Quant me maybe says:

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

  4. Common Cents says:

    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.

    • WTF__k says:

      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.

      • Common Cents says:

        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.

  5. OWS says:

    Tax soap and water !

  6. allergic to bullshit says:

    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

  7. unwanted guest says:

    The second most interesting man in the world.

  8. C. Darwin says:

    Why the long face?

  9. guest says:

    I liked it when you put me on a table!

    – Ashley Dupre

  10. qwestion says:

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

  11. Quant me maybe says:

    The picture scares me.