Hedge Fund Kings will benefit

A comment from someone else on the previous post

http://economistsview.typepad.com/economistsview/2010/10/wealth-and-an-american-paradox.html#comment-6a00d83451b33869e2013487f2ade9970c


mrrunangun said...

Progressive taxation hain't happening in the USofA. If our progressive congressional leadership and our progressive president could not bring themselves to eliminate the special tax status of the $billion/year hedge fund kings (when that same president himself pointed out on camera to one of them that their secretaries pay higher tax rates than they do) what on earth makes anyone think that a fair progressive tax system is more than a professorial pipe dream? Really, the president himself pointed out that the top 25 hedge fund kings earned an average of $1billion in 2009 and paid 15% on it. They collectively saved $3.75billion from that tax break. If the Bush cuts expire, that break will be worth even more because everyone else's rates will go to 39.5%, as will Manhattan secretaries, but the hedge fund kings will still be paying 15%. Your average $250,000/year doctor, lawyer, accountant, dentist,etc will pay an additional say $10,000/year in taxes. It will take the tax increment of 37,500 of them just to make up the tax rent awarded to 25 people. This is not the only special tax break bought by campaign contributions from the superrich. Maybe it's awareness of such circumstances that account for the middle class's belief that they and not the rich will be paying for any "redistribution" dreamt of by us here.

Reply Sunday, October 03, 2010 at 06:27 PM

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