When the bill was forwarded to the Senate from the House on May 28, it included a tough provision to raise taxes on hedge fund managers, who for years have been using a loophole in the tax code to pay lower income-tax rates than what their secretaries pay. But the hedge fund industry has been lobbying Democrats extremely hard for the past few years against this tax increase, and earlier this week, Senate Dems caved in and softened the provisions substantially.
via opencongress.org
I think the popular perception is that the GOP is generally more friendly to Wall Street interests than Democrats. While that may or may not be true, it certainly is true to say that Democrats are not UN-friendly to Wall Street interests. Even Democrats can't fight to tax hedge fund manager fees as ordinary income, which I think most people would agree they are.
2 comments:
Umnnnhhh....Chris Dodd (D) has been the Senator from the Banks since day one in office.
Don't kid yourselves. The (D) Party is in bed with the banks. It's easier to control them that way.
A classic governmental program. At the same time tax the hell out of an industry, while creating a legal and tax framework that incentivizes their use and ensures cartelization.
Where is the party that advocates financial freedom?
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