Tuesday, October 19, 2010

Tax Breaks for Billionnaires

Matt Taibbi over at Rolling Stone notes how, once again, a remarkably unfair, asinine, and unjustifable piece of legislation has sailed through Congress with nary a public comment; no Republican obstructionism, no outraged Dems, and damn little debate. You didn't hear about it on the teevee? You probably won't either.
Once again, hedge funds, and a few others, such as venture capitalists and real estate partnerships, have bought themselves some fat tax breaks. One enabler is Democrat Charles Schumer, who went to bat to ensure that hedge fund managers pay a lower rate than their secretaries. This is nothing new for Chuck; he has fought for the same creampuff tax treatment that ensures that society's richest get the most favorable rates that money can buy.

Senator Schumer is often on the right side on many issues, but his vote on this is a significant contributor to growing inequality in the US. Schumer represents Wall Street, not metaphorically, but literally. I guess he has constituents to worry about, like all politicians.

Who am I kidding? It's their money he wants, and he sure as hell gets it too. Have a look here to see who lines his pockets.

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