.....this is where the all-out assault on the "'monied" investment class is sick......the notion that these companies all owned by fat cats, smoking stogies in mahogany lined board rooms scoffing at the plight of the great unwashed is the height of ignorance. Yes, of course their are wealthy people with material assets that they have earned over the course of their lives due to their own efforts that are invested. BUT, the VAST majority of invesstment stakes in our society - the VAST majority is owned by you and me and mom and dad and my neighbor and yours. UAW's pension fund has stakes in private equity funds.....the AFL-CIO has huge investment in these vehicles....every state teachers retirement system in the country own massive stakes in corporate america and private equity funds and hedge funds, et al. Every insurance company of any size has material stakes in these assets, so guess what....if you have an insurance policy, or a pension, or a mutual fund or virtually any retirement vehicle, you are one the fat cats., or your grandma, or dad, or uncle or neighbor.....we own these assets. We are the ones under assault and it is destructive to our society.
Listen...when people get paid millions of dollars to manage things and then they fail miserably to the point where millions.....like me.....lose their jobs then there isn't much sympathy from those same people like me if the failed managers don't get their millions in bonuses and perks or have to pay their fair share of taxes.
More bad news: http://www.time.com/time/business/article/0,8599,1882229,00.html?xid=rss-topstories-cnnpartner
...you are all over the place here. What does this have to do with Obama's cabinet selections? Pointing fingers and fixing blame is cathartic, but doesn't make for good policy decisions.....don't confuse the penal code with the tax code. In your haste to redistribute private property to penalize success and reward failure, let us not destroy our society.
Is that what the 15% rate is specifically about....capital gains? I thought it had more to do with carried interest as income....or something to that effect.