In Opposing Tax Plan, Schumer Breaks With Party

[acmavm]

http://www.nytimes.com/2007/07/30/washington/30schumer.html?th&emc=th

By RAYMOND HERNANDEZ and STEPHEN LABATON
Published: July 30, 2007
WASHINGTON, July 29 — June was a busy month for Senator Charles E. Schumer. On the phone, at large parties and small gatherings around the nation, he raised more than $1 million from the booming private equity and hedge fund industries for the Democratic Senatorial Campaign Committee, of which he is chairman.

But there is another way Mr. Schumer has been busy with hedge fund and private equity managers, an important part of his constituency in New York. He has been reassuring them that he will resist an effort led by members of his own party to single out the industry with a plan that would more than double the taxes on the enormous profits reaped by its executives.

Mr. Schumer has considerable say on the issue. In addition to being the third-ranking Democrat in the Senate leadership, he is the only Democrat serving on both of the major committees, Banking and Finance, that have jurisdiction in the matter.

<snip>

Mr. Schumer said in an interview that he was torn between the need to protect an industry vital to his home state and the need to generate revenues to finance government programs. He said a tax increase on private equity and hedge fund executives could lead to an exodus of jobs and companies from New York, and even from the country. He said the plan, if enacted federally, would also lead to an increase in New York State tax that would further bear down on the industry. He said he worried that the industry was being unfairly singled out.

[dmosh42]

1. We all have a price, and the lobbyists know how much...

Schumer has the 'finance industry', and Kennedy and Kerry have the pharmaceutical industry.

[karynnj]

5. Kennedy has explained why he used to the poison pill to kill

the Baucus smendment. He wanted to save the landmark legislation that he wrote that greatly increases the testing by the FDA on the drugs we have. He also has said that he will author a standalone bill that will accomplish what the Baucus bill was supppose to do. (He and Kerry have been for many measures that the pharmaceutical industry were against).

Kerry is the only person to have run for 4 Senate terms without acccepting PAC money. There have never been allegations that he ever was "bought" by the pharmaceutical industry - and there is no patern of that in his votes. He was one of the strongest critics of Bush's prescription drug bill. The two reasons he gave constantly were that it did not negotiate the price of drugs (as the VA does) and was a give away to the HMOs.

He has enough money this time that he is spent money in 2005 and 2006 to help elect other Democrats and is still doing that. A far more sensible reason might be either that he, like Kennedy, thought the legislation could be jeopordized and that it was too important or that he was doing so in support of Kennedy, who he does owe considerate gratitude too.

[dmosh42]

8. They voted against the 'Dorgan' amendment...

which would have allowed the importing of safe pharmaceuticals. You may be right about having a stand alone bill to cover this, but maybe they should have told Sen. Dorgan, who puts so much effort into this. I heard they have passed the 'Farm' bill in the House which is supposed to have those provisions again, as an amendment. We'll see what happens this time.

[karynnj]

9. I confused Drogan with Baucus - sorry

My point is that just because they did not vote as you wanted, does not give you the right to assign a motive for which their is NO proof.

[AndyA]

2. It's so comforting to know they're all looking out for OUR best interests, isn't it?

:eyes:

[Doctor_J]

3. Since the GOP will not fracture, this dooms the bill

there went a chance to recoup some of Stupid's reckless spending.

[MasonJar]

4. They should NOT be singled out. All corporations should pay more

taxes, especially those that are off-shore. The latter should pay taxes and a penalty. If that pushes them to another country, so be it. They are gone anyway: pay no taxes; outsource jobs.

[Strawman]

6. Kerry is the only reliable liberal on that committee

And unfortunately I'm sure that's by design.

[sutz12]

7. When did fleecing investors for enormous personal gain become an "industry?"

:shrug: