Renaissance Explores Settlement as IRS Seeks Billions in Taxes
bloomberg.com
bloomberg.com
I've written my thoughts on this. its either very cunning or blatantly thumbing your nose at the tax code depending on where you sit.
Long story short, I think when the tell all book for RenTech is written you'll find that they are very smart but tax avoidance accounted for a much larger share of their returns than most people would expect.
If people think RenTech is just that much smarter than them, and they're half right, because a main part was they were doing kind of straightforward and shady tax strategies, I dunno, that sounds terrific.
So this saves them, or makes then an additional, 15% each year on taxes.
So a 35% gain each year becomes a 20% return each year. That's pretty darn significant and if true makes their returns fall in line with many other of their peers, which also means they no longer look like the superstar fund that some people make them out to be.
The point I was trying to make is that the tax rate does significantly affect the returns and once accounted for puts them back in line with some of their peers if account for this.
Holy shit.
That 10 year number is the equivalent of the NSF’s entire budget. [0]
This is t an accident. It’s criminal. And it’s not a surprise given that IRS enforcement has been declining over a decade and focusing on small taxpayers rather than wealthy individuals and corporate tax payers.[1]
[0] https://www.nsf.gov/about/budget/fy2018/
[1] https://www.propublica.org/article/earned-income-tax-credit-...
And in this case why are not all other funds being targeted.