Reply to Romney Paid 13.9% Tax Rate on $21.6 Million in Income.

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[quote=Anonymous]When the carried interest rule ( which allows the private equity and hedge fund industries to effectively disguise income as capital gains so as to only pay 15% income tax) was challenged a few years ago, those industries lobbied like crazy to the tune of hundreds of millions of dollars and were successful in preventing the rules from being changed to tax their income as actual income.

Even if you believe that return on a capital investment has to be taxed at a lower rate because of double taxation, the money a private equity or hedge fund manager makes is compensation akin to a salary and bonus (usually a 2% management fee and 20% or more of returns on the investment) for managing other people's money. It's a salary and bonus scheme. It's income.

There is no reason for them not to be paying the same marginal income tax rates as everybody else.None,  other than the fact that they successfully bribed your congressman and managed to instill a Pavlovian response in the same fucking idiots who start to mechanically drool and wag their tails when they hear the words "free market" and "freedom", making them think that an ultra-rich guy's ability to avoid taxation is somehow an intrinsic element of capitalism.[/quote]

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