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infamous for these other reasons. he managed leslie wexner s fortune, founder of l brands, a billionaire decades ago at a time when there were less billionaires and had a far reaching all encompassing role managing his investment money, his philanthropy, doing family office type duties. i don t think we even know the full extent yet but it was wide ranging. he was known for that and he got wealth eight least largely in part because of that. people knew that. he also had a reputation for being savvy when it came to tax strategies and estate planning. now, where he got that reputation beyond wexner i m not sure but it was enough that leon black hired him over a course of 15 or so years on and off to do this work for him. so leon black who runs apollo, has dozens of tax specialists who work for him. right. he needs jeffrey epstein former math teacher from dalton? apparently. who does not have a bachelor s
accepted. we ll continue to study this. we hit on taxes every day. what they haven t done is close loopholes. this isn t reform. it s tax cuts. and by keeping those loopholes in place, this plan is going to be a beautiful field for tax specialists and accountants to look at these loopholes and really exploit them. i was watching a show the other day and i heard a republican congressman from utah telling you there are plenty of loopholes being cut. couldn t name one. couldn t name a single one, but he said there were plenty. and getting rid of carried interest. i still see it. the house is voting today on new legislation that will allow people to carry concealed guns in more places. we ll speak with mark kelly whose wife gabby giffords survived a shooting in arizona. you re watching velshi & ruhle live on msnbc.
those loopholes, they have to spend millions and millions of dollars with tax specialists and consultants so they can set up shell companies and get there. if all we re going to do is cut taxes for corporations and not actually reform them, then the loopholes will still exist. so you take the rate to 25%. which ends up with an effective rate lower. if the loopholes exist, those companies are still going to employ all the tax specialists to get them through the loophole and pay even less than that. tax reform is something that could really help the country, corporate america, middle america. but simply tax cuts, i don t see the path. you re right. don t forget the new loophole that will be created with the new pass through rate. instead of ali velshi anchor,