The Hedge Fund Managers tax break: Because Wall Streeters want your money

A quick hits on tax day. This is from noted economist and writer Dean Baker.

Did you know that Wall Street hedge fund managers have their own tax break, just for them?

Here’s Baker on what it is and how it works (my emphasis):

The Hedge Fund Managers Tax Break: Because Wall Streeters Want Your Money

This rules your world

This rules your world. Want some? Too bad.

The coming of tax day provides a great opportunity for everyone to focus on their favorite tax break, and there are many from which to choose. However for all the sneaky and squirrelly ways that the rich use to escape their tax liability, none can beat the hedge fund managers’ tax break. This is the way the rich tell the rest of us, because they are rich and powerful, the law doesn’t apply to them.

The hedge fund managers’ tax break, which is also known as the carried interest tax deduction, is different from other tax breaks in that it has no economic rationale. With most other tax breaks there is at least an argument as to how it serves some socially useful purpose. That is not the case with the hedge fund managers’ tax break. This is simply a case where the rich don’t feel like paying taxes and are saying to the rest of us, “what are you going to do about it?”

You’ll hear the phrase “carried interest tax deduction (yawn)” to make you (yawn). But think of it as the rich looting the treasury (than asking for your Social Security benefits to be cut). Here’s Baker again on how it works:

The hedge fund managers’ tax break applies to the portion of their earnings that are contingent on the performance of their fund. It’s standard for hedge fund managers to be paid a flat fee of 1-2 percent of the money they manage. In addition, they will typically get performance pay that is equal to 10-20 percent of what the fund earns above some threshold. Managers of private equity funds and real estate investment trusts have similar arrangements with the same tax break.

Baker tells us that this “carried interest,” which is really just a fee for managing the fund, such as any salesperson receives, runs to tens or hundreds of millions of dollars.

If their earnings were taxed as normal income they would pay a 39.6 percent tax rate, compared to just a 20 percent capital gains tax rate. For a successful manager earning $10 million, the savings come to $1,960,000. If they earned $100 million, the savings would be equal to $19,600,000.

Baker is being modest. Here’s what the top end of hedge fund managers make. (Out-of-date alert — this information is old, from 2009. The kites are flying even higher these days.)

Per Barry Ritholtz, here are the estimated 2009 incomes of the top five hedge fund managers:

  1. David Tepper, Appaloosa Management — $4 billion
  2. George Soros, Soros Fund Management — $3.3 billion
  3. James Simons, Renaissance Technologies — 2.5 billion
  4. John Paulson, Paulson & Company — $2.3 billion
  5. Steve Cohen, SAC Capital Advisors — $1.4 billion

Remember, this is income, not net worth. These numbers were added to existing net worths in 2009 — a single year. 

Four billion in income per year? That’s the big money behind this “tax relief” billionaire-financed exemption. Make no mistake. Money doesn’t talk, it swears:

A taste of this sweet performance (the first is free):

Darkness at the break of noon
Shadows even the silver spoon
The handmade blade, the child’s balloon
Eclipses both the sun and moon
To understand you know too soon
There is no sense in trying …

Old lady judges watch people in pairs
Limited in sex, they dare
To push fake morals, insult and stare
While money doesn’t talk, it swears
Obscenity, who really cares
Propaganda, all is phony …

And if my thought-dreams could be seen
They’d probably put my head in a guillotine
But it’s alright, Ma, it’s life, and life only

And so you know.

GP

Twitter: @Gaius_Publius
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Gaius Publius is a professional writer living on the West Coast of the United States. Click here for more. Follow him on Twitter @Gaius_Publius and Facebook.

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  • pvequalkt

    The “genius” of obamneycare is that it is a massive corporate bailout/boondoggle disguised, barely, as altruism. What it does is push health care FURTHER from being socialized… along with the silly rhetoric about audacity hopey changey being a socialist communist muslim, which 40% of americans, the imbeciles, believe without question.
    For the disguise to work with the middle 40% (intellectually), it had to appear to have SOME altruism… and it does allow the unemployable 16-26 demographic to remain covered… as long as their parents are covered. And the pre-existing condition thing is simply a change of tactic… instead of summarily dropping patients who have ‘spensive maladies, they now HAVE to cover them… but they can charge any damn amount to do so that amuses them… and they are.
    The other reason it pushes health care further from socialism is that it incentivizes employers to have zero full-time employees and to not offer any coverage at all to any employees. Both are due to obamneycare stipulations and requirements of “large” employers plus the individual mandate (upon penalty of IRS administered punishment).
    We’re only seeing the tip of the iceberg so far… and the media is certainly doing their share by NOT covering the not-so-gradual shift from FTEs to NFTEs and also the swelling ranks of employers who USED TO offer health care insurance as a bennie (they also are not covering the disappearing pensions and so on) while they ARE ballyhooing the millions who have signed on to this corporate raid (without covering how many of them were first summarily shat by their former insurers).
    The existence of profit motive in the health of a populace is odious in the extreme. We still have 50K dead every year due to profit winning out over health CARE. That won’t change. We are in the early stages of a Medicaid catastrophe due to religious fervor demanding nobody at all help the most needy among us, especially in the south. Obama and the Ds took money from Medicare to assuage the Rs’ demands for budget “neutrality” of obamneycare. This will only hasten the crisis of Medicare… and when that happens, you think anyone will actually fix it? If you do, you are naïve. They are bankrupting Medicare so they can sell its repeal in 10 years.
    Nobody in DC gives a shit about the old, infirm, poor and sick… and they would kill kids outright too if they could figger out how to blame them for some gummint expense we caynt ayfford no mo.

  • Fuck off Bill!

    “I’m a socialist with 50 years experience in the socialist and workers movements”
    You really have no job skills do you? Absolutely nothing to offer society. Probably better for all concerned if you just died. Seriously. You’re nothing but a net drain. So go crawl off and die now. Please.

  • So so tired of Bill Perdue

    All kinds of things can get around that sweet pea. So when are ya moving back up to Seattle? I know things might not be as easy up here with the higher cost of living and the new state law doing away with disposable undergarments but no water shortage yet. You can buy the reusable Depends re-launder. So how aaare you doing?

  • Moderator3

    I know we try not to ban IP addresses, but I figured he was deserving. Of course, if he really wants to, he’ll be back but not without a lot of effort.

  • So so tired of Bill Perdue

    That’s kinda rude, don’t you think? fyi. My computer changes IP addresses every time I log in. bye for now!

  • http://www.youtube.com/watch?v=bcrEqIpi6sg Moderator4

    He changes his email address.
    I banned both his current ones, but he may be back.

  • Sean

    Got it – will check out the site.

  • cambridgemac

    Obama represents the official Democratic Party, whose motto is or should be: do as Nixon would. They never adopt a position to the left of Nixon. Because bipartisanship. Or pragmatism. Or something.

  • So so tired of Bill Perdue

    Doll, if personal attacks got people banned, your old ass would be long gone. So how ya doin’? How’s life?

  • So so tired of Bill Perdue

    Sweets, how is talking about you being a Maoist possibly a personal attack? That’s political. So girlfriend, when are you EVER going to move back home to Seattle? Lots of plate glass windows for you to smash up here. Do I remember you back in the day. You cut such a fine figure of revolutionary manhood hurling bricks at the cops. Those were the days weren’t they? I hear they got you confined to some retirement home for has-been Maoists down in Vegas. They treatin ya OK there Bill? All your old Spartacus League buddies always ask about you. “How’s Billie-Boi going?” “Is she still alive?”

  • Bill_Perdue

    I thought that the use of portable devices got around that.

  • Moderator3

    If they were banned, they still are banned unless they have changed their email address and IP address.

  • Bill_Perdue

    Correct.

    “Landshark is a • 3 days ago

    John Aravosis. You are a scumbag.4

    Moderator4 Moderator Landshark • 3 days ago

    Landshark. You are banned.13 ” http://americablog.com/2014/04/poof-benghazi-story-imploded-help-big-house-republican.html

  • Bill_Perdue

    This person was once banned because his or her comment and screen name are entirely personal attacks. So so tired of Bill Perdue contributes zero to thne conversation.

  • ronbo

    Thank God that our liberal President Obama has worked for the repeal of this corrupt law. Oh really? Nothing. Not a peep? Not a word.

    Close your eyes and smell the Obama rose. Think about the scent. Is it at all Liberal? Spying, Drone Assassinations, no habeas corpus, rich get richer, continued Labor Depression. Does that smell liberal to anyone?

  • Bill_Perdue

    This person is another iteration of So so tired of Bill Perdue and has nothing political to say.

  • Bill_Perdue

    This person used to be banned because his or her only message is a personal attack. When others engage in those personal attacks they are banned.

  • Malik Ahsan
  • AB reader

    Perdue shouldn’t be attacked. He should be thoroughly ridiculed.

  • Moderator3

    Attacking another commenter in no way furthers discussions.

  • So so tired of Bill Perdue

    Hon, did you forget everything you were pushing back in the 70s when you were living up here? Why aren’t you a Maoist anymore? Did those meanies kick your tired ass to the curb? Sweetie pie, you seem to go through different Marxist ideologies faster than you go through Depends. All those isms. You need to move home. Seattle calls, dollface.

  • Bill_Perdue
  • Bill_Perdue

    No, you’re unwilling to read anything that might be critical of Democrats.

  • Sean

    Thanks for the reply! A further question – in the system you envision, is there a government? If so, what role does it play? (“Elected planners” – that’s the government?)

  • Sean

    Thanks for the graphic examples on how bad it’s gotten in S.F. Yikes. And for the detailed answer to my question. For myself, I’m not sure on the particulars yet, but I do think we should increase the tax rate as personal income, particularly capital gains, reaches the stratosphere. As it is now, our system encourages a pathological amount of greed.

  • http://musephotos.wordpress.com/ GarySFBCN

    I forgot – you’ve never been wrong about anything every. A link to the main page of an obscure website vs. everyone else in the rest of the world. Yeah, I’m convinced.

  • Silver_Witch

    Pessimist v. Realist…hard to say. I am sure however that the universe will win out and humans will be removed from the planet, just like the dinosaurs. Maybe the next inhabitants will get it right.

  • Bill_Perdue

    Wrong. Forget everything you were taught in high school or in the advanced high schools called colleges. You were miseducated. To get educated, start here – .http://links.org.au/

    Socialist economies will be owned and run by workers and consumers and organized by elected planners.

  • Bill_Perdue

    I don’t share your pessimism.

  • Silver_Witch

    I am sorry I misspoke, it did happen to the Tsars and to Louis, however it did not bring about permanent change….within time it returned to the wealthy in control and poor standing in line hoping for a job, food or housing. I should have said that there may be revolutions, and there may continue to be revolutions, however, the wealthy always return to power.

    Just like here in the US, where it appeared they were separating from England, the real goal was just to keep more of what they considered to be their’s (property, money, slaves). Those who “funded” the revolution were the wealthy – they raised the banner of freedom and equality and no more “rulers” and the masses fell for it.

    Sadly, it was not for the poor or about equality….I think you will find the same in your movement. Yes, they will feed you hope and change, they will say “once the revolution comes you will be [fill in the blank]”, but you will see that it is not so…it is only for those who want to be Powerful to steal power from those who now have it and to subjugate those who they consider rabble, other, different, not part of the “brave revolutionaries that fought”

    That is why the revolution that was to be in the 60’s never happened…we realized half way through the movement that it was the same o’ same o’ leading us down the garden path, they had no intention of sharing with the poor, or even pulling them up for very long….they enslaved those in the ghetto, they sent the hopeful and young to do their battle, and then sacrificed them to the power when they saw it was not yet time.

    Just as in the 1900’s when union busters shot and murdered…oh it looked like “we” were going to win, but they gave the Union Bosses power and money and a few crumbs to throw to the “people” and everyone settled in for the same o’ same o’.

    Peace be with you Bill…

  • http://musephotos.wordpress.com/ GarySFBCN
  • Bill_Perdue

    I’m for taxing the rich. Workers are not part of the looter class. Anyone can live on $250 grand. Period.

  • Bill_Perdue

    Socialism and communism are interchangeable terms. Socialism and Stalinism are not,

  • Bill_Perdue

    They engaged in armed revolution.

    “The mistake you make is that you believe this country was ever founded for or by the poor, the huddled masses.” Wrong again. I’ve been saying for 50 years that it was founded by and is controlled by the rich. “The problems created by the private ownership of the economy, politics and the media long ago destroyed our chances for real democracy under the current Constitution.” I want to change it.

    We’ve never had a socialist government, but we will.

  • masaccio68

    The carried interest loophole works for all sorts of rich jerks, according to Andrew Ross Sorkin in the NYT:

    But much of the lobbying isn’t coming from the private equity industry — it’s coming from another beneficiary that often goes overlooked: the real estate industry. The carried-interest loophole is related to what is known as partnership accounting. Any company that uses such treatment can take advantage of the loophole. That means not just private equity and hedge funds, but also venture capital and much of the oil and gas industry. The National Association of Industrial and Office Properties, which has lobbied against the repeal of the loophole, says that “41 percent of all investment partnerships are real estate related.” When Mr. Camp announced his tax reform proposal, guess which industry was exempted? Real estate.

    http://nyti.ms/1hGnQuM

  • Silver_Witch

    No idea what tell it to the Tsars mean – color me dense.

    I am well aware that the founders were painted for this country as violent revolutionaries, in fact they were no such thing. They had high hopes to make an agreement with England and when England would not see their way – they determined violence was the only answer – of course, it was the poor, the uneducated and those who were NOT the founding fathers that died in the battles, went without clothes and ended up in a Country that wanted, originally to only give voting rights to Land Owners, because the “rabble” could not be trusted with power.

    The mistake you make is that you believe this country was ever founded for or by the poor, the huddled masses. This country was founded, developed and created by men of wealth and power – who had every intention of keeping it so.

    The mistake we all make is to believe that this Country was created for all men to be equal and free – it is no such thing. The founding fathers were scared crapless of the poor and those who might see their “revolutionary” acts as encouragement in the future to change the government they so lovely created.

    “I am for doing good to the poor, but…I think the best way of doing good to the poor, is not making them easy in poverty, but leading or driving them out of it.” ~ Benjamin Franklin

    Look back to the early 1900’s and you will see how unsuccessful socialism is in this country – and how miserably it has failed time and again.

  • http://musephotos.wordpress.com/ GarySFBCN

    I don’t think taxes should be 100% ever. Regarding what the salary threshold should be to trigger a high tax rate (say 70%), that is difficult to figure out. In areas such as San Francisco, the median home price is close to $1 million and salaries are higher because of that (actually it is a vicious circle – salaries drive home prices, home prices drive salaries). So a salary of $250k in San Francisco, while far more than most of us make, doesn’t provide a family with a lavish lifestyle. The property taxes alone on a that median-priced home are nearly $1,000 a month. I should add that that a median priced home here is a dump.

    A friend who should be happily retired but got hit financially by the global recession rents bedrooms out in her apartment. Her renters? A just graduated kid, with a good job, making $95k and who can’t afford an apartment on his own. He is saddled with over $100k in student loans and barely getting by on that high salary. He is not criminals for making that much money.

    Which speaks to one of my ‘socialistic’ beliefs: All education should be free. To pay for an educated workforce, businesses should be taxed to cover all college/university expenses across the nation. Also, universities and government should be able to leverage profitable ‘discoveries’ they make, instead of handing them over to business.

    Back to that question, let’s pretend that we do tax 100% over $250k. That doesn’t solve the problem of income inequality, which is hitting San Francisco so hard that I sometimes hardly recognize my city. And people who are poor, low or middle income who did not buy a place 15 years ago or who are not in rent-controlled apartments are having to leave the city. It is really sad and unjust.

    A tax should never be a goal; it should be a tool for achieving a goal. Goal should be that we want to accomplish with money (such as healthcare, education, or whatever) and then we figure out how to pay for it, including implementing a fair tax system that has those who can afford it paying more. And I’d rather see non-work income (dividends, stock trades, etc,) with a progressive tax implemented first.

  • ComradeRutherford

    “Listen, if you really wanna do this with your life you have to believe you’re necessary and you are. People wanna live like this in their cars and big fuckin’ houses they can’t even pay for, then you’re necessary. The only reason that they all get to continue living like kings is cause we got our fingers on the scales in their favor. I take my hand off and then the whole world gets really fuckin’ fair really fuckin’ quickly and nobody actually wants that. They say they do but they don’t. They want what we have to give them but they also wanna, you know, play innocent and pretend they have no idea where it came from. Well, thats more hypocrisy than I’m willing to swallow, so fuck em. Fuck normal people.”
    _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

    Seth Bregman: Will, did you really make two and a half million last year?

    Will Emerson: Yeah, sure.

    Seth Bregman: How did you spend it all?

    Will Emerson: It goes quite quickly. You know, you learn to spend what’s in your pocket.

    Peter Sullivan: Two and a half million goes quickly?

    Will Emerson: All right, let’s see. So the taxman takes half up front, so you’re left with one and a quarter. My mortgage takes another 300 grand. I send 150 home for my parents, you know, keep ‘em going. So what’s that?

    Peter Sullivan: 800?

    Peter Sullivan: All right, 800. Spent 150 on a car. About 75 on restaurants. Probably 50 on clothes. I put 400 away for a rainy day.

    Seth Bregman: That’s smart.

    Will Emerson: Yeah, as it turns out, ’cause it looks like the storm’s coming.

    Peter Sullivan: You still got 125.

    Will Emerson: Yeah, well I did spend 76,520 dollars on hookers, booze and dancers. But mainly hookers.

    Peter Sullivan: 76,5?

    Will Emerson: I was a little shocked initially, but then I realized I could claim most of it back as entertainment. It’s true!

    – Margin Call, 2011 (Written and directed by J.C. Chandor, son of wall street banker)

  • Sean

    Reading through this argument, I’d like to ask a couple of questions – To Bill: Gary mentioned “Communism” but you use “Socialism.” Are they different in your mind? I understand Communism to mean that the state owns all property. I’m assuming when you say Socialism, private property exists. Is that true? (This is a kind of dumb, basic question, but I’m often not sure, so I thought I’d ask.) And for Gary: you say that a 100% tax rate for anything over $250 is unjust. What if that were raised to $500? Or another figure? Do you think it is essential to the U.S. economy, and to the principle of a just society, that an individual have no limit placed on the amount of money they can earn? – Thanks guys!

  • Bill_Perdue

    #4 Tell that to the Tsars.

    #5 Not true. I usually mention women, especially those who are single heads of households. If the stats maintain then there are a majority of women in the communities of workers, people of color and the poor. International Women’s day is a socialist holiday.

    Revolutionary change will occur as the radicalization deepens under the impact of the greediness of the rich and things will change rapidly when propel get ready to move, as they did at Lexington and Concord, during the opening rounds of the French Revolution when they moved against Versailles and in during the March 1917 uprising in Petrograd. One of those uprisings was led mainly by men and two led mainly by women. It happens all the time.

    Wrong again. Violence always comes from the right, and is initiated by the right.
    For instance, Obama ordered the racist murders of four Arab Americans and has escalated or initiated wars of aggression from Libya to Pakistan. Obama and NATO initiated a violent fascist putsch in Ukriane that’s put the whole world in as much danger as it was in August of 1918.

  • lynchie

    so someone tell me again that our politicans aren’t bought off. These people produce nada, they are predators who were, in a large part, responsible for the collapse of the economy yet are protected, coddled and ass kissed by our elected officials. the concept of everyone paying to live in this country and to contribute towards the roads, cops, fire dept., water, electricity, etc is so much horseshit. The GOP trot out the old canard, “shared pain”, but if someone is earning $500 million and up where is their share. I am sick to be a citizen and see the brazen, fuck you attitude. By the way Vernon Jordan got Chelsey a job as a hedge fund manager and her husband just started his own hedge fund.

    http://www.nbcnews.com/id/15549672/ns/business-us_business/t/chelsea-clinton-joins-new-york-hedge-fund/#.U01hUVemXuc

    Bottom feeders the lot of them. They cannot relate to what it is to live a week to week life in this country.
    Hillary and Bill are for the rich and always have been.

    This is a good read from Charles Ferguson on why he stopped moving forward on a documentary on Hillary Clinton. Next President of the United States…..well she sure as hell is not getting my vote.

  • Silver_Witch

    A few comments on your List,

    #4, never going to happen – simply because all people of the country are indoctrinated at a very young age that they too “might one day” be able to join the ranks of the wealthy and so to put such a cap on money is to them an abhorrence. True, few if any of them will ever have an income of $250,000 a year, but it seems within their grasp and so that is very unlikely to happen.

    #5 You mention people, people of color, poor people….never mention people who are women and who are actually more enslaved than any of the people you listed…why are women ever mentioned by groups who think they can do a better job running the world.

    And finally – how exactly do you propose such changes will come about? We are taking baby steps – I think that is as fast as the government can move…I believe the founders did that for the simple reason that change that happens at the hands of revolution often turn out very badly – Like Russian communism, or the South succeeding from the Union, for example. If revolution and death are the game plan – I think you will have few takers.

  • Bill_Perdue

    I’m a socialist with 50 years experience in the socialist and workers movements. You describe yourself as a quasi socialist who like Obama and doesn’t think the rich and managers are criminals.

    I know what a socialist is and you’re not one.

  • http://musephotos.wordpress.com/ GarySFBCN

    If you are dictator, king or führer, you can proclaim that those of us who held our noses and voted for Obama are not really “leftists and socialists.” Ditto for proclaiming that those who make more than $250k are criminals.

    Regarding Obamacare, it was genius in that nobody noticed it consolidated so many ‘branches’ of healthcare that now it is only 1 step (payor source) away from being a socialized system. It reduces or eliminates all the bureaucratic obstacles to socialized health care. The only obstacle that remains is politics. The other thing that nobody notices is that while strict price controls were not implemented, the 80% rule and the indexing of insurance costs to the healthy-person insurance rate does make it easy to implement strict price controls.

    It is not the system I wanted, but as it appears to have been designed to eventually evolve into a good social healthcare system, politics willing, I consider it a step in the right direction.

    So do my friends and family who were excluded from any healthcare due to pre-existing conditions before Obamacare.

  • Bill_Perdue

    You’re an Obama supporter.

    “No, I was a Romney hater, which left me with few options.” So was the CPUSA, the real Stalinists. They agree with you and other Obama supporters and Obama’s election gave us the racist and extralegal murders of Arab and muslim citizens – three men and one boy, so far – the mass murder of civilians, Obama’s massive union busting campaign and the travesty of Obamacare, which far from being as you claim -‘genius’ is a huge step away from socialized medicine.

    I’m not surprised that you plan on continuing your personal attacks and expect people will draw their own conclusions. I did, which is why I don’t take your belief that you’re some kind of socialist very seriously. Leftists and socialist absolutely don’t support Obama, don’t object to destroying the wealth of the rich by taxing them and don’t object to measures that improve the lives of working people.

  • http://musephotos.wordpress.com/ GarySFBCN

    I will tone down the personal attacks once you stop lying about me. Your zeal in labeling me as being an ‘Obamabot’ is a good place to start. In every election since I’ve been of voting age the selection has been the lesser of two evils. And somehow that makes me ‘mostly an Obama supporter’. No, I was a Romney hater, which left me with few options.

    And just because my ‘left credentials’ don’t rise to what YOU seem to think they should be, you feel free to attack me.

    On second thought, I’m not toning down anything, because doing so would be giving tacit approval of your opinions.

  • Bill_Perdue

    You’re mostly an Obama supporter which is why you reject leftist solutions.

    The rich are criminals. Stalin would not have agreed – he was always for cooperation with the rich and the countries they ruled in everything he did, from the pact with Hitler to telling his US supporter to enter the swamp of the Democrats and sink below it’s fetid surface.

    Next time try a little historical research. And do try to tone down the personal attacks – “infantile, romantic notion of ‘revolution’ – ‘loud-mouthed miscreants’ . They don’t lead to any sort of political understanding, something Democrats need. Start here http://links.org.au/ and here http://links.org.au/node/3649

    The nearly 100,000 who voted for a socialist approach in Seattle don’t know anything about you, but they do know about Democrat party politics and Obama supporters and rejected them.

  • http://musephotos.wordpress.com/ GarySFBCN

    100% tax on income over $250k and “expropriation without compensation of their other wealth” is not democracy. It is confiscation by the state, and it is somewhat mindless in that it treats all of those who happen have that status (which does not include me) as a criminal class. You make the spirit of Stalin proud.

    I’m mostly a socialist, but there is no hope for socialism to rise when loud-mouthed miscreants like you push a ridiculous agenda. Please call it something else (nutcase-ian?) so your taint doesn’t sabotage credible efforts. Also please note that your infantile, romantic notion of ‘revolution’, while charming, ignores the real bloodshed present in every revolution.

    I’m really hurt that a hundred thousand Seattle voters don’t care what I think. I’m quite surprised that they know anything at all about me.

  • Bill_Perdue

    I advocated for democracy on the job, not Stalinism. There are those who get the two confused by their miseducation in a society run by the looter class which actively opposes socialist change. We call them Democrats and Republicans.

    A hundred thousand Seattle voters don’t care what you think, they voted socialist.

    Reading a bit of historical analysis not written by the WH or the CIA might help. Start here http://links.org.au/ and here http://links.org.au/node/3649

  • http://musephotos.wordpress.com/ GarySFBCN

    Communism has never worked anywhere. Going from one failed system to another is idiocy.

  • Bill_Perdue

    They’re not in prison and as long as Democrats and Republicans run things for them they never will be.

    Instead the looter class is privatizing the prisons and making huge profits from the misery of working class prisoners, the latest iteration of slaves.

  • caphillprof

    I was wondering about this carried interest scam and why more people were not attempting to claim it, so I went to the IRS website and quickly found nothing. No publication or form seems to address this directly. One has to go out to search engines generally to begin to find out about this special tax treatment. Does anybody know the IRS publication dealing with this? Does anybody know the IRS form where this is reported? Do you just claim regular income as a capital gain?

  • Bill_Perdue
  • Elijah Shalis

    Disgusting, They should be in prison

  • http://heimaey.us/ heimaey

    This has been a problem for a while yet no one wants to touch it. I hear no word about reforms and meanwhile people I know are getting filthy rich off this scam. They make 10x (or way more) than I do but pay a much lower tax rate (by almost 20 percentage points). But you know, we don’t want to anger the job creators.

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