Dear John,
Why should those who make money managing other people’s money pay less in taxes then firefighters, teachers, or just about everyone else?
They shouldn’t. Obviously.
The “carried interest loophole” has enabled millionaire private equity and hedge fund managers to claim the money they make as investment income, resulting in lower tax rates than the rest of us pay on the money we work hard to earn.
It’s one more way the rich have figured out to get out of paying their fair share of taxes.
To fix this glaring inequity, sign and send a letter to your senators to join with Senators Sheldon Whitehouse, Ron Wyden, and Angus King, and co-sponsor the Ending the Carried Interest Loophole Act today.
Hedge fund managers shouldn’t get preferential treatment on their taxes over nurses, veterans, sanitation workers... the list goes on and on and almost assuredly includes you.
There is no justification for their maximum tax rate of 20% in comparison to the maximum rate for workers of 37%. Nor is there any justification for private equity or hedge fund managers to defer their taxes, year in and year out.
The rest of us don’t get to put off paying our taxes indefinitely.
Sure, who wouldn’t want their income taxes cut in half? But to be legitimate, the tax system must be fairly implemented. The carried interest loophole is an injustice to the people who do the work that keeps society running.
The Ending the Carried Interest Loophole Act will bring greater fairness to our system. Tell your senators to support and pass this legislation today!
Thank you for working for a system that works for all the people, not just the wealthy and those who help the wealthy multiply their wealth.
Robert Reich
Inequality Media Civic Action
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