Thursday, November 18, 2010

More on The Hedge Fund Republic

The usually moderate voice of the Washington Post op-ed staff raises another critical comment on the Billionaire Populism championed by Jim DeMint. With the help of many of our distinguished leaders in the Senate the lobbyists for the hedge fund industry have protected the outrageous tax benefit that they enjoy. Their income is taxed at the capital gains rate of 15% instead of the ordinary income rate for the top earners of 35%. This means that the top hedge fund CEO, who earned over $4 billion last year paid only 15% on that income. The Tea Party crowd, thanks to leaders like Jim DeMint, defend this policy on the grounds that Americans would not put in the effort to create wealth if they were taxed for the effort. That would be punishing success. We should be punishing the losers in society by ending government programs that unfairly benefit them by taxing the unfortunate rich.

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