This is completely unacceptable, and neither the Republicans nor the Democrats have done anything about it. If I were in the U.S. Senate, I would fight hard to close this loophole.
Hedge fund managers pay a much lower income tax rate than their secretaries. It's disgraceful. And it's because they donate millions of dollars to the campaigns of the incumbent politicians:
http://www.epi.org/publications/entry/pm120/
Democrats pledged during the 2006 congressional campaign that they would close this loophole (created by a Republican congress) if they became the majority party. They did become the majority party, it's 2010, and they haven't closed it.
We need independent people in congress who will do the right thing!
We are facing huge long-term problems: a real unemployment rate of 18%, dysfunctional banks that are "too big to fail", a regressive tax structure that's stifling economic growth, prisons that are bursting at the seams, urban schools that are struggling, a health care system that still needs major reform, the lack of a coherent national energy policy that will protect our economy and the environment, and a government that has been encroaching on our civil liberties. For decades we have lived with irresponsible public policies from career politicians in Congress who care more about increasing their party’s power and getting re-elected than they care about solving long-term problems. They haven’t been honest with us, and they have been lousy public servants.
I’m different. I do not want to be a career politician. I am not a Democrat or a Republican. I’m a Problem Solver. I want to force members of Congress to be responsible, and implement sustainable solutions to real problems. Please read the positions I present on this website, and spread the word to friends and family.
Please email me at John@Mertens2010.com, and become a supporter on Twitter at @mertens4senate or Facebook: John's FB
