NY Times - "Taxes and Billionaires" - Exposes Secret Tax Breaks for The Rich

[TomCADem]

In case you were wondering what Republicans believe is so important that they are willing to throw the entire Nation into default.

http://www.nytimes.com/2011/07/07/opinion/07kristof.html?src=recg

So take a look at one of the tax loopholes that Congressional Republicans are refusing to close — even if the cost is that America’s credit rating blows up. This loophole has nothing to do with creating jobs and everything to do with protecting some of America’s wealthiest financiers.

If there were an award for Most Unconscionable Tax Loophole, this one would win grand prize.

* * *

What’s at stake is the “carried interest” loophole, and President Obama is pushing to close it. The White House estimates that this would raise $20 billion over a decade. But Congressional Republicans walked out of budget talks rather than discuss raising revenues from measures such as this one.

* * *

This carried interest loophole benefits managers of financial partnerships such as hedge funds, private equity funds, venture capital funds and real estate funds — who are among the highest-paid people in the world. John Paulson, a hedge fund manager in New York City, made $4.9 billion last year, top of the chart for hedge fund managers, according to AR Magazine, which follows hedge funds. That’s equivalent to the average per capita income of 184,000 Americans, according to my back-of-envelope calculations based on Census Bureau figures.

[Sarah Ibarruri]

1. Good article! nt

[Snoutport]

2. k & r

[Samantha]

3. Tax loophole created in 2001 with the compliments of George W. Bush*

Now that's a politician who truly knew how to thank his patrons.

Sam

[Rosa Luxemburg]

4. Paulson played a large role in ruining this country's economy and is very greedy

Go get them Obama!

[WillyT]

5. K & R !!!

:kick: