Hillary Joins Call for Private Equity Tax Hike
by Josh Gerstein
Fri, 13 Jul 2007 at 2:52 PM
updated Fri, 13 Jul 2007 at 3:16 PM
After a few more days of deliberation than was required by her leading rivals for the Democratic presidential nomination, Senator Clinton has decided to join those calling for an end to a tax policy that allows some hedge and private equity fund operators to pay just 15% on most of their income.
"It offends our values as a nation when an investment manager making $50 million can pay a lower tax rate on her earned income than a teacher making $50,000 pays on her income," Mrs. Clinton said in New Hampshire today according to a press release.
"As President I will reform our tax code to ensure that the carried interest earned by some multi-millionaire Wall Street managers is recognized for what it is: ordinary income that should be taxed at ordinary income tax rates," she said.
The Sun's lead story on Thursday, by Russell Berman, noted the pressure Mrs. Clinton was facing on this issue, since Senator Obama of Illinois and a former senator, John Edwards of North Carolina, denounced the tax provision as unfair.
Looks like the odd man out at the moment in Mrs. Clinton's circle is Senator Schumer. An editorial in the Sun today discusses his refusal, thus far, to jump on the bandwagon of those calling for higher taxes on equity fund managers.
Related Topics: Dem Primary
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