Category Archives: Taxpayer relief act
Yes, I adore, respect and admire Matt. Yes, I think he knows what he is talking about, all the friggin time. The first few paragraphs of his latest RS article:
Once again a key piece of news has passed virtually without comment.
While the entire nation argues over nonsense like the WTC Mosque, Rick Sanchez, and, yes, blue-red culture war stuff like the Tea Party, congress yesterday quietly took a knee on the “carried interest” tax question. In doing so they decided not to take a vote on changes already approved by both houses that would scale back perhaps the most preposterous tax break in the entire federal code, one that leaves hedge-fund gazillionaires like Stevie Cohen and John Paulson paying less than half the top tax rate paid by most middle and upper-middle class Americans.
The carried interest tax break is a classic example of how in America constituencies with the means and the bureaucratic endurance to get what they want slowly hack away at the government over time, carving out exemptions to their civic responsibilities while ordinary people suck the proverbial egg. A 100% or 200% tax break for hedge fund and private equity billionaires is not the sort of thing that one passes instantly, by standing up in front of big campaign crowds and urging on a mob; it takes a long time and a lot of behind-the-scenes baby steps.
It just jacks my jaw how the Wall Streeters and the Corporatocracy buy the assholes in Congress so damn easily…regardless of party affiliation. I really love the next paragraph. Taibbi really does his homework it seems:
The capital-gains-cut movement was opposed by of all people Ronald Reagan, who in 1986 signed into law a thing called the Tax Reform Act that that ended capital gains exemptions and left all types of income taxed at the same rates. Some conservatives have never forgiven Reagan for this move. In any case, over the next 20 years, the capital gains cuts were gradually restored. Clinton in 1997 passed the Taxpayer Relief Act that cut the top rate from 28% to 20%. Then Bush came into office and with his famous monster cuts slashed the capital gains rate even further, to 15%. Bush also reduced taxes on dividends to the same rate as capital gains, 15%.
Saint Ronnie opposed this thinly disguised corporate welfare/top 2 precenter’s handout? Are you shitting me dude? OMFG….I think my head is going to explode. Read it m’dear readers…read the whole writeup here.
And before anyone asks….yes my laptop is still dead and that asshole from Norton is now not returning my calls.