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Behind the columns at the Treasury Department, a revolving door.
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<span class="css-hpkdsj esd8w5v3" style="margin:0;font:normal 11px georgia,serif;padding-left:5px;color:#888;letter-spacing:.01em">
Stefani Reynolds for The New York Times
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<h2 class="css-12n1aic el2acgh0" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
Taxing times
</h2>
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
There’s a well-oiled revolving door between the largest accounting firms in the U.S. and the Treasury Department,
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
The Times’s Jesse Drucker and Danny Hakim report
</a>
. The cycling of professionals between the public and private sectors is nothing new, but the ability of the biggest tax advisers to embed their employees inside the government’s most important tax policy jobs has largely escaped public scrutiny.
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<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
Here’s how it works:
</span>
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<span style="font-size:17px;line-height:25px">
Executives at the biggest accounting firms encourage their top tax lawyers to do stints at the Treasury.
</span>
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<li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
While at the Treasury, these legal professionals help write rules — like one that allowed restaurants to claim a tax break intended for manufacturers by claiming they were “
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
manufacturing
</a>
” cheesecake slices out of whole cheesecakes — that allow their former corporate clients to reduce their tax bills.
</span>
</li>
<li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
The same professionals, sometimes just months after helping write new rules, are welcomed back to their former employers in more senior positions with higher pay.
</span>
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
By the numbers:
</span>
During the past four presidential administrations, there have been at least 35 people, including five of the past six heads of the Treasury’s tax policy office, who left jobs at a top accounting firm to take a tax policy position in the government, only to return to their previous employers at a later date. About half of those returning individuals were made partners, a position that can pay as much as $1 million a year, according to public records reviewed by The Times and interviews with current and former government and industry officials.
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<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
Government agencies rely on expertise from the private sector
</span>
to understand the real-world effects of the tax code. Federal rules prohibit government officials from working on many matters in which they have financial interests, like having an unwritten agreement to return to their prior firm.
</p>
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<h3 class="css-uyrfm9 e1d3q5wz0" style="font:10px/15px arial,sans-serif;text-transform:uppercase;letter-spacing:.7px;margin-bottom:10px;margin-top:0">
PAID POST: A MESSAGE FROM
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Cyber Security: A New Era of Threat
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Cybercriminals are outsmarting human security teams. But with Darktrace, organizations can regain the upper hand, using Self-Learning AI that autonomously interrupts novel threats, without disrupting day-to-day business.
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Learn more >
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
(Accounting firms aren’t the only ones taking advantage of Washington’s revolving door. As DealBook recently reported, crypto firms have been aggressively
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
hiring former regulators
</a>
to bolster their lobbying operations.)
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
Deloitte, PwC, RSM and other accounting firms declined to comment on The Times’s investigation. Eric Sloan, a former senior tax lawyer at Deloitte, said that he saw nothing wrong with telling junior employees that stints in government would earn them big financial rewards when they returned to private practice. Tax professionals may also want to join the government to make changes that they genuinely believe are in the public interest.
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
The accounting industry’s back-and-forth arrangements get results.
</span>
The taxes that corporations pay, as a percentage of G.D.P., have been shrinking for years. This share now sits near a 50-year low, and some former industry veterans say that the personnel flow between the private and public sectors has played a part.
</p>
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
“Administering the law is complicated, and corporate America distributes huge paychecks to revolving-door experts to give them the edge,” Jeff Hauser of the Revolving Door Project, part of the liberal-leaning Center for Economic and Policy Research, told DealBook. Paying government officials more would slow the door’s swing, he said: “The public is best off when government employees see the public interest and their personal interest as one and the same.”
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<span style="font-style:italic;font-size:inherit">
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
Read the full article about how accounting giants craft favorable tax rules
</a>
</span>
<span style="font-style:italic;font-size:inherit">
.
</span>
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<h3 class="css-132hdgt e8bxl341" style="color:#000;font:700 16px/24px arial,sans-serif;margin:8px 0 25px 0;letter-spacing:.2px">
HERE’S WHAT’S HAPPENING
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Global markets shudder as Evergrande, a heavily indebted Chinese property developer, faces deadlines.
</span>
The beleaguered company owes $300 billion to creditors, including
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
tens of thousands of its own staff
</a>
, making it China’s most indebted company. With some interest payments
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
due this week
</a>
, fears abound that a default could ripple through the financial system.
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President Biden kicks off a global vaccination push.
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He will use a U.N. General Assembly meeting this week to
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urge other countries
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that their coronavirus shots have been shown to be safe and effective in children ages 5 to 11.
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Facebook responds to allegations that it has failed to address the ill effects of its platform.
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In a
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blog post
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responding to
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The Wall Street Journal’s series
</a>
about the tech giant’s shortcomings, Nick Clegg, Facebook’s head of public affairs, pointed out that the company itself had produced the research that allowed others to look at the social network more critically. Clegg said Facebook understood its “significant responsibility.”
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Nabisco workers end a weekslong strike.
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The union representing the snack maker’s employees in five states said over the weekend that members had
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overwhelmingly approved
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a new four-year contract. The agreement includes hourly wage increases and a higher company match to pension contributions.
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Streaming services triumph at the Emmys.
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Netflix won two of
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the top awards
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, with “The Crown” taking the best drama prize and the chess-prodigy odyssey “The Queen’s Gambit” claiming the title of best limited series. “Ted Lasso,” of Apple TV+, won for best comedy series.
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The irony of stablecoins
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Stablecoins are cryptocurrencies whose values are pegged to assets like gold or the dollar, which is meant to make them less volatile. Stablecoins may also be the most ironically named innovation in the cryptocurrency industry
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
in the eyes of regulators in Washington
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. But they are no laughing matter.
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
Despite their name, stablecoins may wobble dangerously.
</span>
Officials in Washington are worried that firms issuing these cryptocurrencies are not holding adequate reserves. If a critical mass of stablecoin holders want to convert their tokens simultaneously, that could lead to a kind of modern-day bank run. The use of stablecoins has grown so explosively in the past year, from virtual nonexistence not long ago to a
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
more than $120 billion market
</a>
, that regulators are increasingly nervous. The issuer of the most popular stablecoin, Tether, this year settled an investigation with the New York attorney general over financial mismanagement.
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<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
Are stablecoins a threat to the wider financial system?
</span>
Federal regulators fear that without fast action and strict oversight of this corner of the crypto world, they might be. In a report due this fall, the Treasury Department may direct the Financial Stability Oversight Council to review whether this kind of cryptocurrency, or its issuers, should be deemed “systemically important.” The designation would allow for strict federal regulation to address issues beyond reserve levels, such as consumer and data protections, technological resilience and financial crime prevention. As it stands, stablecoins are modestly regulated through a patchwork of state banking and money transmission rules.
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<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
Stablecoins are critical to crypto’s continued growth.
</span>
They underpin many of the trading,
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
lending and borrowing
</a>
services on
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
crypto exchanges
</a>
, as well as the burgeoning
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
alternative financial services
</a>
on the blockchain that is touted as the future of payments. Stablecoins could also perform the function of a government-issued digital dollar, which is under consideration by the Fed. Jay Powell, the Fed chair, has suggested a U.S. central bank digital currency could
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
undercut the entire cryptocurrency sector
</a>
. “I think that’s one of the stronger arguments in its favor,” he told Congress.
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“Failing to raise the debt limit would produce widespread economic catastrophe.”
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<span style="font-style:italic;font-size:inherit">
— Janet Yellen, the Treasury secretary, in an
</span>
<span style="font-style:italic;font-size:inherit">
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
op-ed for The Wall Street Journal
</a>
</span>
<span style="font-style:italic;font-size:inherit">
urging Congress to act as the U.S. approaches its borrowing limit. Yellen noted that lawmakers have altered the country’s debt ceiling about 80 times since 1960, and argued that they must do so again in the next few weeks, or “the federal government will be unable to pay its bills.”
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The week ahead
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<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
A call on booster shots:
</span>
Last month, President Biden announced a plan to
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
offer a third Covid-19 vaccine shot
</a>
to most Americans as early as this week. But the plan was in flux as scientists debated
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
whether booster shots were necessary
</a>
. On Friday, advisers to the F.D.A. unanimously recommended a booster shot limited to Pfizer vaccine recipients
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
who are 65 or older or at high risk of severe Covid infections
</a>
. Although the F.D.A. is not required to follow its advisers’ recommendations, it typically does. The agency is expected to make a decision in the coming days.
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<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
Taper talk:
</span>
The Fed gathers this week to discuss monetary policy, and this meeting could be an important one. Many economists expect the central bank to reveal details about how and when it plans to begin winding down its
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
bond-buying program
</a>
, one of several policies it created to reduce the economic impact of the pandemic. The Fed will also release new economic projections, which will signal how much and how quickly it expects
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
high inflation
</a>
to fade.
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<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
Unanswered questions:
</span>
After a streak of record highs, the stock market has looked
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
more indecisive of late
</a>
. That’s understandable, given big questions that are likely to be answered in the coming weeks, including whether the Fed will begin pulling back its economic support and whether
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
Congress will raise the federal borrowing limit
</a>
, not to mention the wait for the final details of an infrastructure spending package — and how it will be funded.
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The New York Times
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From the TimesMachine:
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On this day 148 years ago,
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
The Times reported
</a>
that “Wall Street was the liveliest place in New York” as the early days of what is known as the
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
Financial Panic of 1873
</a>
took hold. The New York Stock Exchange was forced to suspend trading for the first time in its history and the crash precipitated a depression that lasted for six years.
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THE SPEED READ
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Deals
</span>
</p>
</td>
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<span style="font-size:17px;line-height:25px">
Tech giants have been on an acquisition spree this year, spending at least $264 billion buying up smaller rivals. (
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
FT
</a>
)
</span>
</li>
<li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
SoftBank and Tencent joined an investment round for Cars24, the Indian used-car seller, doubling its valuation, to $2 billion, in less than a year. (
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
FT
</a>
)
</span>
</li>
<li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
U.S. companies have sold a record $786 billion of junk-rated bonds and loans so far this year. (
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
WSJ
</a>
)
</span>
</li>
<li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
Hong Kong’s stock exchange is courting SPACs, but its rules for listing the blank-check vehicles are much stricter than those of other venues. (
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
Bloomberg
</a>
)
</span>
</li>
</ul>
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<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
Policy
</span>
</p>
</td>
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<li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
Elon Musk
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
pledged $50 million
</a>
(in a tweet, naturally) for the fund-raiser linked to the Inspiration4 mission that took four civilians into space. The SpaceX chief also
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
mocked President Biden
</a>
for not acknowledging his firm’s successful mission. (CNN, CNBC)
</span>
</li>
<li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
The U.S. transportation regulator is concerned that Tesla is pushing out self-driving software updates before fixing basic safety issues. (
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
WSJ
</a>
)
</span>
</li>
<li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
Prime Minister Boris Johnson of Britain plans to press Jeff Bezos on Amazon’s tax payments during his trip to New York. (
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
Guardian
</a>
)
</span>
</li>
<li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
A surge in natural gas prices will push up inflation across
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
the U.S.
</a>
and
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
Europe
</a>
, economists warn. (WSJ, FT)
</span>
</li>
<li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
Climate-focused investment funds may be undermining the fight against global warming. (
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
FT
</a>
)
</span>
</li>
</ul>
</td>
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Best of the rest
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<ul class="css-27qc8p e1darl2c0" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
<li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
The designer of Alexandria Ocasio-Cortez’s “Tax the Rich” dress owes back taxes. (
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
NY Post
</a>
)
</span>
</li>
<li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
Pandemic supply chain problems are hurting the most vulnerable communities by disrupting food banks and clothes drives. (
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
NYT
</a>
)
</span>
</li>
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2 years, 7 months ago - nytdirect@nytimes.com
DealBook: How tax giants write their own rules
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