Jeff Gundlach is a man of many enthusiasms, and one of his greatest enthusiasms was for President Trump. Few on Wall Street were as eager for the advent of Trumponomics as the DoubleLine Capital founder, who spent six months getting all worked up about what he’d do beginning Nov. 8 of last year.
Unfortunately for Gundlach, the reality of a Trump presidency hasn’t been as, uh, vigorous as its prospect. And Congress’ failure to repeal Obamacare had him questioning everything, as well as reaching for his studded riding crop. But that was nothing compared to the fury he felt after putting aside some erotic reading to scan the recently-passed House tax reform bill for the repeal of the carried-interest loophole. Now he’s looking for those boxes containing the inventoried contents of his old office at TCW for adequate ways to punish the transgressors.
“I’m very disappointed incidentally about the shape of this tax cut that is being proposed,” Gundlach told a gathering of industry participants at the Drake Hotel in Chicago on Wednesday. “I am just appalled that we are going to continue to have a carried-interest scheme for hedge funds….”
"After I saw that tax bill, I lost hope with the drain the swamp concept," Gundlach said. "The swamp keeps getting bigger…."
He called the tax plan "a cosmetic tax decrease for the middle class that will go away over time."