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Monday, October 05, 2015 9:11:07 AM
Open thread for night owls: 'Carried interest' loophole widely hated, but Congress won't touch it
Sun Oct 04, 2015 at 07:30 PM PDT
by Meteor Blades
At In These Times, Jim Hightower writes— Even Donald Trump Wants To Eliminate This Tax Loophole for the Rich, Yet Congress Won’t Do It:
http://inthesetimes.com/article/18465/carried-interest-tax-break-donald-trump-republicans-democrats-wall-street
With the 2016 presidential campaigns in full swing the burdens of the working middle class have taken center stage. And believe it or not, there is bipartisan support from the front-runners on a key issue brought up over and over again. Donnie Trump is for it. Hillary Clinton is for it. Jeb Bush is for it. Bernie Sanders is for it. Even Barack Obama is for it. And the American people are overwhelmingly for it.
The “it” that's drawing such broad support is the idea of ending a ridiculous tax loophole that was written by and for the richest, most pampered elites on Wall Street. An obscurely titled “carried interest” tax break allows billionaire hedge-fund hucksters to have their massive incomes taxed at a much lower rate than the one retail workers, Main Street businesses, carpenters and other modest-income people must pay.
Keep that carried interest tax loophole in mind when I tell you this number: 158,000. That's the number of kindergarten teachers in America. Their combined income in 2013 was $8 billion. Here's another number for you: 25. That's the number of America's highest-paid hedge fund operators whose combined income in 2013 was $21 billion. Yes, just 25 Wall Street greedmeisters hauled off $13 billion more in pay than was received by all of our kindergarten teachers—the people we count on to launch the educations of the next generation.
Which group do you think is rewarded by law with the lowest rate of income tax? Right: the uber-rich Wall Streeters. Incredibly, Congress (in its inscrutable wisdom) gives preferential tax treatment to the narcissistic money manipulators who do practically nothing for the common good. Even flamboyant celebrity narcissist Donnie Trump sees through the gross inequality of this tax scam: “The hedge fund guys didn't build this country,” The Donald recently barked. “These are guys that shift paper around, and they get lucky. The hedge fund guys are getting away with murder.” Indeed, while dodging through this loophole, they pay about half the tax rate that kindergarten teachers are assessed. In effect, Wall Street's puppets in Congress let this tiny group of moneyed elites steal about $18 billion a year that they owe to the public treasury to finance the structure and workings of America itself. [...]
http://www.dailykos.com/story/2015/10/05/1427669/-Open-thread-for-night-owls-Carried-interest-loophole-widely-hated-but-Congress-won-t-touch-it
Sun Oct 04, 2015 at 07:30 PM PDT
by Meteor Blades
At In These Times, Jim Hightower writes— Even Donald Trump Wants To Eliminate This Tax Loophole for the Rich, Yet Congress Won’t Do It:
http://inthesetimes.com/article/18465/carried-interest-tax-break-donald-trump-republicans-democrats-wall-street
With the 2016 presidential campaigns in full swing the burdens of the working middle class have taken center stage. And believe it or not, there is bipartisan support from the front-runners on a key issue brought up over and over again. Donnie Trump is for it. Hillary Clinton is for it. Jeb Bush is for it. Bernie Sanders is for it. Even Barack Obama is for it. And the American people are overwhelmingly for it.
The “it” that's drawing such broad support is the idea of ending a ridiculous tax loophole that was written by and for the richest, most pampered elites on Wall Street. An obscurely titled “carried interest” tax break allows billionaire hedge-fund hucksters to have their massive incomes taxed at a much lower rate than the one retail workers, Main Street businesses, carpenters and other modest-income people must pay.
Keep that carried interest tax loophole in mind when I tell you this number: 158,000. That's the number of kindergarten teachers in America. Their combined income in 2013 was $8 billion. Here's another number for you: 25. That's the number of America's highest-paid hedge fund operators whose combined income in 2013 was $21 billion. Yes, just 25 Wall Street greedmeisters hauled off $13 billion more in pay than was received by all of our kindergarten teachers—the people we count on to launch the educations of the next generation.
Which group do you think is rewarded by law with the lowest rate of income tax? Right: the uber-rich Wall Streeters. Incredibly, Congress (in its inscrutable wisdom) gives preferential tax treatment to the narcissistic money manipulators who do practically nothing for the common good. Even flamboyant celebrity narcissist Donnie Trump sees through the gross inequality of this tax scam: “The hedge fund guys didn't build this country,” The Donald recently barked. “These are guys that shift paper around, and they get lucky. The hedge fund guys are getting away with murder.” Indeed, while dodging through this loophole, they pay about half the tax rate that kindergarten teachers are assessed. In effect, Wall Street's puppets in Congress let this tiny group of moneyed elites steal about $18 billion a year that they owe to the public treasury to finance the structure and workings of America itself. [...]
http://www.dailykos.com/story/2015/10/05/1427669/-Open-thread-for-night-owls-Carried-interest-loophole-widely-hated-but-Congress-won-t-touch-it
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