Monday, November 02, 2015

INEQUITY IN AMERICA - The Wall Street Loophole

"The war over a tax break for hedge funds and money managers" PBS NewsHour 10/29/2015

Excerpt

SUMMARY:  The so-called carried interest loophole is a tax break used by hedge funds and other investment groups that lets wealthy money managers pay a relatively low investment tax rate.  Economics correspondent Paul Solman takes a close look at the controversial tax break.

GWEN IFILL (NewsHour):  Now, a tax break that is coming under fire, one used by hedge funds and money managers, controversial because of the way profits are taxed at a much lower rate.

Our economics correspondent, Paul Solman, explores what it’s all about, part of our weekly series Making Sen$e, which airs every Thursday on the NewsHour.

PROTESTERS: (NewsHour)  Hey, hedge fund billionaires!

PROTESTERS:  Pay your fair share!

Hey, hedge fund billionaires, pay your fair share!

PAUL SOLMAN (NewsHour):  The Hedge Clippers, an activist group targeting hedge fund billionaires and especially their tax breaks.  In the past few months, the Clippers have been taking their tools to their targets’ backyards, like their March field trip to Greenwich, Connecticut.

PROTESTERS:  Hedge funds, pay your taxes!  Billionaires, pay your taxes!

PAUL SOLMAN:  Their July jaunt to The Hamptons, summertime playground of the 0.1 percent.

PROTESTERS:  We can see your greedy side.

PAUL SOLMAN:  And, earlier this month, to the Midtown Manhattan headquarters of Bloomberg, where a conference was taking place to — quote — “celebrate the leaders and innovators who shape economies.”


LINK: Patriotic Millionaires

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