The American citizenry are being "played" by both the "R"s and the "D"s. There is no justice to be had from either side. And, because this is allowed to continue, the rift between the government elites, and their banking cartels who feed them, and the American taxpayers is only going to grow larger. Think Dodd is going to blow the whistle on his sweetheart deals.......or any of the others in Congress. BO was one of the largest recipients of funds from the banking industry way back in 2008, when he had only been in D.C for what, 2 years?
Unless and until BOTH parties are stripped of their stranglehold in D.C., nothing's going to change, and America will continue to slide into the abyss.
GOD Bless,
Mairi
Don't forget to read the "Comments"!
ATTENTION CONGRESS: CLOSE THE LOOPHOLE: Hedge Fund Manager John Paulson Earned $5 Billion In 2010, Paid Only 15% Tax
Last year was very lucrative for some of the biggest and best-performing hedge funds’ chiefs. Wealth was so concentrated that a mere 25 people pocketed a total of $22.07 billion, according to this year’s annual ranking by AR Magazine, which tracks the hedge fund industry. At $50,000 a year, it would take the salaries of 441,400 Americans to match that sum.
Making matters worse, hedge fund managers benefit from preferential tax treatment that middle-income Americans don’t. Due to what’s known as the carried-interest loophole, the income that hedge fund managers receive if their funds make money is treated as capital gains — rather than ordinary income — and gets taxed at the capital gains rate of 15 percent. Even though the pay is performance-based compensation (just like any other performance-based bonus made by any other worker), hedge fund managers receive a tax break on that income.
This results in hedge fund managers paying less in taxes on this income than middle-class workers, who are subject to a 25 percent top marginal tax rate.
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