Time to end the Carried Interest giveaway

Although I'm sure this won't please some of the big donors, it's time that the Senate follows the lead of the House and end the carried interest loophole. In a nutshell, the loophole allows certain hedge fund and private equity managers to tax their earned income at the much lower 15% capital gains rate. There's no economic reason or benefit for allowing Wall Street to take nearly $3 billion dollars off the table each year. Senator Schumer, initially a staunch opponent of fixing the problem, seems to be softening his position so perhaps we'll be able to finally put an end to it. - RJ4US


Senate again eyes carried interest sources
http://www.reuters.com/article/idUSTRE63C4VL20100413

Obscene campaign spending thwarts true public service

Midterm Elections Will Cost at Least $3.7 Billion, Center for Responsive Politics Estimates
http://www.opensecrets.org/news/2010/02/midterm-elections-will-cost-at.html

It must be hard to meet the needs of the people, when you're constantly looking for the next dollar to pay for the best consultants, the choice television ads, the glossy handouts, the flashy website, and more. All of this to catch the attention of a distrustful and distracted electorate. One day we will demand more of the campaign process, but first we should demand more of ourselves. -RJ4US