In this commentary we have talked about a lot of challenges facing commercial real estate finance and other capital market activities over the years.  With more or less “pants on fire” anxiety, we’ve talked about Dodd-Frank’s regulatory compliance burdens, the Volcker Rule, Risk Retention, the glorious and multitudinous products of the gnomes of Basil, the efforts of the “we hate all Anglo-Saxon bullshit” gang in the European Community to strangle securitization, the LIBOR scandal, geopolitical risk, and the famous unknown unknowns.

But, right now, we need to concentrate people:  it’s the tax code, stupid.  For those with limited bandwidth, and I count myself among them, this is where much of our energy needs to be focused.  
Continue Reading It’s the Taxes, Stupid