Thursday, November 8, 2007


Well, what else can I say:

You can find out more about the "carried interest" tax rate here. Needless to say, it has been greatly misunderstood by many who have opined on it. Further, while organizations like MoveOn are pushing this as a major populist issue (which it is) the implication is that this is a Republican thing, which it apparently is not. While a Dem introduced the bill to close the loophole, support for it on his side of the aisle has been less than convincing. Notably, Chuck Schumer of New York (he's close to Wall Street types, so this is obviously uncomfortable for him) has opposed the bill. We'll see what the Dems do, but if this bill doesn't pass it will (and should) seriously damage their credibility as the party of common people, especially in juxtaposition to Republican "elitism."