Yesterday, the Senate and House held hearings on the question of whether hedge funds executives should be taxed at the same rate as other rich people (the House hearing was more broadly on the question of tax fairness). Yes, that tells you how ludicrous the debate has become. Hedge fund and private equity executives have used a wrinkle in the tax code to pay just 15 percent on so-called "carried interest"; other wealthy people pay 35 percent (also too low but that’s a different debate). And, of course, this says nothing of the spectacle of people who make hundreds of millions of dollars and even billions of dollars paying a lower rate of taxes than a middle-class person. Rep. Sander Levin has introduced a bill (H.R. 2834) that would, in fact, raise the tax rate on "carried interest."
Average pay is $500 million. The top earner last year, according to Institutional Investor’s Alpha magazine, earned $1.7 billion. They pay a 15% capital gains rate instead of the 25% a teacher might pay
2007-09-08
04:03:42
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Middleclassandnotquiet
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