John,
Wall Streets' power and greed damages our democracy and one part of this
is the carried interest tax loophole which allows millionaires and
billionaires to pay nearly half the tax rate they should, one that’s even
lower than teachers, firefighters, and nurses.
Carried interest is the salary earned by hedge fund managers and private
equity funds to manage other people’s money and they make millions doing
it.
The term carried interest actually comes from centuries ago when ships
transported real goods, leading the captain to charge a “carried interest”
for doing so. Now, even though this practice is long gone, billionaire
hedge fund managers get away with paying taxes on their salary at the
capital gains rate.
When the Inflation Reduction Act was first released it took some steps
towards addressing this loophole, but at the last moment, the provision
was removed by Senator Kyrsten Sinema, in a blatant giveaway to some of
her largest donors made up of the same hedge fund managers who benefit
from the loophole.
[ [link removed] ]With 49 senators already on board to close the carried interest
loophole – we must focus pressure on Senator Sinema now. Sign the Petition
to Senator Kyrsten Sinema: Fight for People, not Wall Street, Support
Closing the Carried Interest Loophole Now.
Take Action: [link removed]
There’s no reason why the super-rich should pay taxes at the capital gains
rate for managing someone else's money, it is quite literally the opposite
of a progressive taxation system.
We already know that the banks and billionaires will fight us every step
of the way and they'll spend millions on high price lobbyists and
political donations to preserve the carried interest loophole.
We must continue putting pressure on the one person in the way of ending
this scam that allows Wall Street fund managers to pay a lower tax rate
than working people.
[ [link removed] ]Sign the Petition to Senator Kyrsten Sinema: Fight for People, not Wall
Street, Support Closing the Carried Interest Loophole Now.
Take Action: [link removed]
Thanks for working with us to end this Wall Street scam.
- Tre
Tre Graves
Digital Organizing Coordinator
Democracy for America
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