Orin Hatch: The 'Poor' Should Do More To Cut Nation's Debt

These are guys making $900 million a year or more, including George Soros.

I wonder if the Democrats really would single out hedge fund managers for a higher rate considering that the richest hedge fund manager is George Soros?

http://www.forbes.com/wealth/forbes-400/list

And no, not all of a hedge fund manager's income is taxed as capital gains. The management fee portion (typically 2% the value of the fund's assets) is taxed as regular income. The rest of their income is a percentage of profits of the funds (usually 20% of profits which is less than assets). That is usually long term capital gain, assuming the fund made a profit. I don't see how it's a "loophole", but they can make tons of money in good years (about $1 billion each for the top 25 in 2009 as I recall).

http://www.hedgefundlawblog.com/hedge-fund-taxation-law-school-professor-perspective.html

Instead of singling out hedge fund managers, maybe it would be better to just get rid of the Bush tax cut on capital gains and return to a 20% rate as we had under Clinton, either for everyone or those couples making over $250K (as Obama proposed)? And BTW Clinton cut capital gains from 28% to 20%.

Yes... I would... And Soros wouldn't have any problem paying it...

Maybe it would be better to just get rid of the Bush tax-cuts.........PERIOD.

Well that would be a $170 million tax increase per year ($44 billion/10/25) per hedge fund manager on average, and even more for Soros. That's $170 million less he'll have to donate to his liberal causes. He wants to starve liberals! lol

Yeah, and it would effectively cut the legs out from under all of these BILLIONAIRES:

The Koch Brothers, Rupert Murdoch, Phil Anschutz, Steve Schwarzman, Amway's Rich DeVos, Citadel's Ken Griffin, Ken Langone, B. Wayne Hughes, Texas investor Harold Simmons, TV mogul Jerry Perenchio and oil heir Robert Rowling cooking the books under the table for the right-wing.

I'm TOTALLY down with that!! :thumbsup:

LadyJazzer wrote: Yeah, and it would effectively cut the legs out from under all of these BILLIONAIRES:

The Koch Brothers, Rupert Murdoch, Phil Anschutz, Steve Schwarzman, Amway's Rich DeVos, Citadel's Ken Griffin, Ken Langone, B. Wayne Hughes, Texas investor Harold Simmons, TV mogul Jerry Perenchio and oil heir Robert Rowling cooking the books under the table for the right-wing.

I'm TOTALLY down with that!! :thumbsup:

Why? Don't they deserve that money? Or are you saying that other people deserve those billionaires money more?

Something the Dog Said wrote: These are guys making $900 million a year or more, including George Soros.

lol But that will hit the pocketbooks of the guys who build mansions, fly corporate jets, and bottle $350 bottles of wine..

The Viking wrote:

LadyJazzer wrote: Yeah, and it would effectively cut the legs out from under all of these BILLIONAIRES:

The Koch Brothers, Rupert Murdoch, Phil Anschutz, Steve Schwarzman, Amway's Rich DeVos, Citadel's Ken Griffin, Ken Langone, B. Wayne Hughes, Texas investor Harold Simmons, TV mogul Jerry Perenchio and oil heir Robert Rowling cooking the books under the table for the right-wing.

I'm TOTALLY down with that!! :thumbsup:

Why? Don't they deserve that money? Or are you saying that other people deserve those billionaires money more?

In LJ's world, Nixon taking 50% of people's paychecks to hire his burglers and invade Cambodia is a good thing, but people like Bill Gates spending their money helping the poor people in Africa is a bad thing. The Feds know much better than you do on how to spend your earnings.

Rubio Takes on Obama, Dems: ‘We Don’t Need New Taxes, We Need New Taxpayers’

Again, this is logic so it may go over some of your heads.

http://www.theblaze.com/stories/rubio-w ... taxpayers/

SS109 wrote:

The Viking wrote:

LadyJazzer wrote: Yeah, and it would effectively cut the legs out from under all of these BILLIONAIRES:

The Koch Brothers, Rupert Murdoch, Phil Anschutz, Steve Schwarzman, Amway's Rich DeVos, Citadel's Ken Griffin, Ken Langone, B. Wayne Hughes, Texas investor Harold Simmons, TV mogul Jerry Perenchio and oil heir Robert Rowling cooking the books under the table for the right-wing.

I'm TOTALLY down with that!! :thumbsup:

Why? Don't they deserve that money? Or are you saying that other people deserve those billionaires money more?

In LJ's world, Nixon taking 50% of people's paychecks to hire his burglers and invade Cambodia is a good thing, but people like Bill Gates spending their money helping the poor people in Africa is a bad thing. The Feds know much better than you do on how to spend your earnings.

Sorry, forgot to throw out logic and common sense and put myself in the Democrat mindset before I asked that. Mea Culpa, Mea Culpa.