". . . So, months ago, when Washington embarked on a frenzied search for ways to reduce the massive U.S. deficit, a tax loophole that allowed hedge fund managers to pay tax at the exceptionally low rate of 15 per cent certainly seemed like low-hanging fruit.R.J. Eskow, alternet.org, Jun 20/11
"Cancelling the loophole would save the treasury $20 billion over 10 years, and the public would surely be unmoved by the pain inflicted on hedge fund managers — the top 25 of whom took home an average pay last year of $880 million each.
"But as the stakes rose in the bizarre negotiations over the country’s debt ceiling, the Republicans managed to push reluctant Democrats into taking all tax increases off the table. All deficit reduction was to come exclusively from government spending cuts, hitting the middle and lower classes hard.
"Perhaps this seems like evidence of how resistant Americans are to tax increases. In fact, it shows no such thing. Rather, it shows how a band of far-right Republican Tea Party extremists — financed initially by the billionaire Koch brothers — have managed to effectively take control of the U.S. political system and block the will of the American people. . ."
". . . The top 25 hedge fund managers in the United States collectively earned $22 billion last year, and yet they have their own cushy set of tax rules. If they operated under the same rules that apply to other people -- police officers, for example, or teachers -- the country could cut its national deficit by as much as $44 billion in the next ten years. . ."Ian Reid, All hands on deck, The Real Story, Aug 04/11
". . . Does anyone still think neo-Liberal economics are working?Recommend this post
"Business has been running the show for the last thirty or so years in this country and others around the world. They’ve delivered lower real wages for many, static real wages for many more, high unemployment, higher prices and economic growth concentrated in the top ten per cent. . . "