Close the Multi-Millionaire Tax Loophole
Dear Stephen,
Get this: The top 25 hedge fund partners earned more than $14
billion in 2006. That’s as much as all of New York City’s 80,000
public school teachers earned over nearly three years.
But these hedge fund partners pay a mere fraction of the federal
taxes that the teachers pay on their income. And they avoid the
15.3 percent Social Security and Medicare taxes that teachers,
firefighters, police officers and other working Americans pay on
their wages.
The Levin-Rangel bill (H.R 2834) would close this loophole and
appropriately tax the “carried interest” from partnerships as
compensation.
Tell your representative to support H.R. 2834 and prevent these
multi-millionaires from gaming the system:
http://www.unionvoice.org/ct/Oda31_F1vPn1/
Working Americans pay as much as 30 percent in taxes on their
wages, while partners of hedge funds and leveraged buyout firms
pay only 15 percent in federal taxes.
It’s just not fair. Partners of hedge funds and leveraged buyout
firms should have to pay their fair share like everyone else.
Already, these firms have mobilized some of Washington’s most
heavy-hitting lobbyists to influence Congress.
“Money appears to be no object,” The Washington Post recently
reported. “Private-equity and hedge funds control more than $1
trillion in assets.”
More recently, The New York Times said “many major private
equity firms have kicked up their lobbying spending.”
Members of the U.S. House need to hear the voices of working men
and women everywhere.
We need your help to make sure the super-rich pay their fair
share.
http://www.unionvoice.org/ct/Oda31_F1vPn1/
In solidarity,
Working Families e-Activist Network, AFL-CIO
****
Visit The Union Shop!
http://www.unionvoice.org/ct/Opa31_F1vPna/