Katrina vanden Heuvel: A Democratic Litmus Test

[marmar]

from The Nation:


BLOG | Posted 09/05/2007 @ 1:41pm
A Democratic Litmus Test
Katrina vanden Heuvel



A disturbing story in The Washington Post yesterday suggested that Congress is losing its cojones when it comes to closing some of the most obscene tax loopholes benefiting the richest of the rich--hedge funders and private equity managers.

According to The Post, proposals to increase tax rates on private equity partnerships like Blackstone from a 15 percent capital gains rate to a 35 percent corporate rate led to "private-equity funds dispens at least $5.5 million for lobbying assistance" in the first six months of this year.

That kind of pay-to-play politics may be one reason the Senate seems to be balking at raising the tax rates on the profit paid to fund managers--called "carried interest"--which as the New York Times pointed out is a "euphemism for the hefty performance fees that fund managers haul in." That particular loophole allows managers to pay lower tax rates on their income than the average American worker, as I posted previously. The Senate is also considering limiting the rate increase only to private partnerships that trade publicly as corporations--even though most of the private equity and hedge fund firms are private. And those publicly traded firms would be allowed a 5-year grace period before seeing the increased rate--this at a time when the war is draining our nation's treasury to the tune of $12 billion per month and a serious public investment agenda is desperately needed.

We already know where Republicans stand when it comes to protecting Big Business at the expense of helping ordinary Americans. But if the Democrats can't move on this very basic issue of tax fairness then they will have failed this critical litmus test: does the party stand for working people or doesn't it?

http://www.thenation.com/blogs/notion?bid=15

[Jim__]

1. Our government is run by whores.

We'll never get decent government until we stop the obscene payoffs to politicians.

[redqueen]

2. Not all politicians are whores. Vote Kucinich.

:hi:

[Nimrod2005]

4. Amen!!!

[redqueen]

3. KICK!

:kick:

[redqueen]

5. Lots of views

Very few posts

[Vincardog]

6. Taxes are not sexy.

[redqueen]

7. So? It's a HUGE issue.

One that DUers have claimed to care about, in the past.

:kick: again

[Vincardog]

9. IT is only the start. If we had a true populist candidate we could shift the whole tax burden

onto the Corporations.
We could have public financing of elections.
We could have universal health care and guarantee everyone a living wage.
I do not see any candidate for either party advocation a true Progressive Populist platform.

[redqueen]

10. What other country has enacted such pure and superlative reforms?

Kucinich is on the ballot. He's close enough to a "true Progressive Populist" for me.

[Vincardog]

11. That is why we are the city on the hill. All first world countries already have universal health

Dennis Kucinich is the best we have running. Too bad he is "unelectable".

[redqueen]

12. yeah

fuck it

[redqueen]

8. I'm going to keep kicking this

:kick:

[The Vinyl Ripper]

13. Business as usual..

In Sodom on the Potomac..

K&R

[redqueen]

14. Can't really complain

we keep electing more of the same.

[superkia]

15. We the people continue to put these crooks in power!

So far it looks like Kucinich is our only hope for real complete change in the white house. I would rather fail as a country actually trying instead of letting the usual suspects continue to get filthy rich as they fail the country.

[The Vinyl Ripper]

17. I agree..

Dennis is da' man..

[bbgrunt]

16. we already know that many of them

voted for bankruptcy revision that works against those caught in catastrophic health care bills or those who have lost their jobs due to outsourcing--among other things. We know they do not listen to our pleas for impeachment or to stop funding the war or returning habeas corpus, or stopping additional warrantless wire tapping. There is no such thing as a litmus test with this bunch. the only question is far some of them will go in selling out....it's a matter of degree, not a yes or no.