The strangest of days has come; I agree with Robert Reich. Reich is the little professorial type who was in the Clinton cabinet and who is one of the most reliably far left national Democrat voices. That is why his op-ed columns are usually filled with items that I find appalling, nonsensical and just plain idiotic. That is not the case today. Reich wrote a column about the loopholes in the tax system and in particular about the so-called "carried interest" benefit given to hedge fund managers and certain private equity investors. These wealthy individuals are allowed to treat their profits as capital gains even though they are investing the money of others, not themselves. This is nothing more than a gift to these wealthy Wall Street types that allows them to reduce their tax rate from roughly 40% to 23%. Reich points out that the Democrats have done nothing to change this give away to the wealthy for all the years during which they controlled Congress.
Reich actually does not mention it, but it is worth noting that the provision itself first made its way into the tax code through the efforts of senator Schumer of New York and then senator Dodd of Connecticut, Democrats both. These senators were getting a tax break for their constituents since the biggest centers of hedge funds in the USA are in New York City and here in Fairfield County, Connecticut.
The next time we hear about another Wall Street give away being denounced by one liberal Democrat or another, we need to ask ourselves why it is that a provision that gives nearly 15 billion dollars in tax breaks each year to extremely wealthy people on Wall Street was put in place and then kept there by the liberal Democrats. Reich is correct when he supplies the answer. The Wall Streeters give much more money to the Democrats than to the Republicans. Only in America could we have a political party that is tight with Wall Street, that does the bidding of Wall Street, and that then campaigns against opponents as being tools of Wall Street. Reality does not matter. Of course, a compliant media which is either so dense that it does not understand the truth or so corrupt that it does not care what the truth is, helps immeasurably in the ongoing cover-up of the truth.
Reich actually does not mention it, but it is worth noting that the provision itself first made its way into the tax code through the efforts of senator Schumer of New York and then senator Dodd of Connecticut, Democrats both. These senators were getting a tax break for their constituents since the biggest centers of hedge funds in the USA are in New York City and here in Fairfield County, Connecticut.
The next time we hear about another Wall Street give away being denounced by one liberal Democrat or another, we need to ask ourselves why it is that a provision that gives nearly 15 billion dollars in tax breaks each year to extremely wealthy people on Wall Street was put in place and then kept there by the liberal Democrats. Reich is correct when he supplies the answer. The Wall Streeters give much more money to the Democrats than to the Republicans. Only in America could we have a political party that is tight with Wall Street, that does the bidding of Wall Street, and that then campaigns against opponents as being tools of Wall Street. Reality does not matter. Of course, a compliant media which is either so dense that it does not understand the truth or so corrupt that it does not care what the truth is, helps immeasurably in the ongoing cover-up of the truth.
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