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A Costly and Unjust Perk for Financiers
By LYNN FORESTER de ROTHSCHILD
Published: February 24, 2013
OF the many injustices that permeate America’s byzantine tax code, few are as outrageous as the tax rate on “carried interest” — the profits made by private equity and hedge fund managers, as well as venture capitalists and partners in real estate investment trusts. This huge tax benefit enriches an already privileged sliver of financiers and violates basic standards of fairness and common sense.
President Obama recently suggested that he would ask Congress to close this loophole. Eliminating the carried-interest tax rate should be an easy sell. It should play to Republicans’ supposed hatred of government handouts and to Democrats’ commitment to social justice.
But because of the financial lobby’s clout, the loophole most likely won’t be closed. If it isn’t, shame on both parties for giving us another reason to distrust our democracy and our capitalist system.
Originally posted by seeker1963
reply to post by swan001
Very telling when the banking elite, turn to cannibalism and start to eat their own!
Some dangerous and brutal days are in the future folks......
Originally posted by retirednature
The Federal Reserve is here to stay, above governments, and just want things to work in their favor. "Their favor" including a strong economy in as many nations as possible, especially the US.
Originally posted by sealing
Also, the article is almost exclusively about the tax code
and very little on Obama so why the title?
Originally posted by DarthMuerte
Taxing income has to be right up there with fractional reserve banking as one of the worst ideas ever conceived and implemented. Taxing income punishes work, punishes investment, punishes entrepreneurship and even punishes saving and thrift. When you punish behaviors and actions, you get less of those actions. When you reward laziness and punish work, you get 47% of the people on the government dole. We want more people working, not fewer. What we, even liberals, really want less of is consumption and consumerism. We need to eliminate all income taxes and institute the fairtax in it's place. Reward work, punish consumption.