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Monday, July 30, 2007

It goes to the highest bidder

I think this is probably the clearest example of what's wrong with money in American politics:

But there is another way Mr. Schumer has been busy with hedge fund and private equity managers, an important part of his constituency in New York. He has been reassuring them that he will resist an effort led by members of his own party to single out the industry with a plan that would more than double the taxes on the enormous profits reaped by its executives.

These guys have their compensation taxed at capital gains tax rates, less than half the rate other people would pay on the same amount of income. They have nothing at risk and nothing of their own invested. There is absolutely no reason to let them get away with this except for the fact that they can buy a politician here and there.


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