Thom Hartmann: Taxing millionaires & billionaires? with Rep Jan Schakowsky

[thomhartmann]

Run time: 06:35 https://www.youtube.com/watch?v=ktXULJYNBC0   Posted on YouTube: March 17, 2011 By YouTube Member: TheBigPictureRT Views on YouTube: 75   Posted on DU: March 17, 2011 By DU Member: thomhartmann Views on DU: 644

 
The Big Picture with Thom Hartmann on RT TV "live" 9pm and 11pm check www.thomhartmann.com/tv for local listings

[subterranean]

1. Thom was wrong about one thing.

He said the tax code currently "doesn't distinguish between someone making $380,000 a year and a hedge fund manager making $3 billion a year." But actually it does. Most of the income earned by hedge fund managers is classified as "carried interest," which our tax code taxes at capital gains rates, even if the manager didn't risk any of his own money. This is a tax break available exclusively to hedge fund managers. So the hedge fund manager making $3 billion a year has a much lower tax rate than the poor schmuck who's scraping by on only $380,000.