Yesterday, a UPenn academic concluded that the industry will side-step any change in the tax code, resulting in a minimal increase in federal revenues. I suppose the industry could think this is a bad message, as it implies that the industry is sneaky, underhanded tax-avoiders (naw...).
But my guess would have been that the lobbyists/PR firms attached to the industry had a hand in getting the word out about this piece. The message is "Don't raise our taxes, Congress - it won't generate any revenue!"
Today, one of the industry's leading firms says "Don't raise our taxes, Congress - it WILL generate revenue." Am I wrong, or did Blackstone just step all over yesterday's message?
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