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Hedge Fund Managers to Keep 15% Income Tax Rate

As most Americans do not know - because if Americans did not know, there would be lynch mobs - hedge fund managers pay only 15% in income taxes.  For once, Democrats wanted to buck Wall Street by requiring hedge fund managers to pay the same income tax rate that other Americans pay.  Republicans fought boldly for Wall Street: Senate Democratic leaders gave up trying to push through a spending bill that would have taxed much of the carried interest earned by VCs and other investors as ordinary income instead of capital gains. After failing for a third time to secure the required 60 votes to shut down a Republican-led filibuster, Majority Leader Harry Reid said the Senate would move on to other business.Would my wonderful Republican friends please explain to me why November should be so exciting for America?continue to full post

Full post as published by Crime & Federalism on June 25, 2010 (boomark / email).