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[quote=Anonymous][quote=Anonymous]He’s just considering proposing that for people making over a $1 million the capital gains tax rate is the same as a the ordinary income rate.

It’s a way to avoid all the ridiculous games like the carried interest loophole that lets hedge fund managers making $50 million pay tax at a lower rate than w-2 employees making $200k. [/quote]

This. Your guy ran on this as a campaign promise and then conveniently forgot it the minute he was in power. We need to equalize the rates or your guy's poor followers will pry your wealth from your cold dead hands once they realize they've been had. Remember, they have all the guns.

From the NYT, May 14 of last year:

[i]Morris Pearl, 60, a former managing director at BlackRock, the largest asset management firm in the world, points to himself as an example.

“People are following the law just fine,” said Pearl, who started at Salomon Brothers in the 1980s. “I generally don’t pay much taxes.”

Pearl has two young adult sons with trust funds in the “seven figures.” He is also the chair of the Patriotic Millionaires, a nonprofit group of well-heeled Americans pushing for the wealthy to pay much more in taxes.

One reason they do not, he joked, is that “the basic way to save on taxes is to not have any income.” His tongue-in-cheek message being that it’s far better to earn capital gains on investments that go untaxed unless or until those gains are “realized” when sold for cash.

“I have right now in my stock portfolio, some stock that my wife’s father, who died a long time ago, bought in the 1970s — that investment has gone from a few thousand dollars to many hundreds of thousands of dollars,” Pearl noted. “I’ve never paid a penny of taxes on all that, and I may not ever, because I might not sell and then my kids are going to have millions of dollars in income that’s never taxed in any way, shape or form.”

[b]Pearl doesn’t think the U.S. government “needs more money from rich people” to fund itself. Rather, his support for reforming the tax system arises from his belief that the rich have begun to monopolize resources and opportunity in a way that jeopardizes social stability and economic growth.

“I have investments in companies that depend on growth,” he said. “I’m not altruistic.”[/b][/i][/quote]

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