Hey Barry:
There is a thing in the tax revisions that did not get changed. It is a killer.
Read it here: http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2010/12/15/BUSR1GQ3CI.DTL
I'm not talking about the estate tax, which is bad enough.
It is the carried interest provision which lets the super rich treat income as capital gains.
According to columnist Andrew Ross, here's what folks say about it: '"hyperconcentration of rewards at the top" (the top 1 percent and up), and a corresponding "hyperinequality" with the rest of the nation.'
We really need to do something about this one, Barry. We need more income equality and less capital formation - capital fomation is another word for the RICH getting richer. Too much capital fomation and too little wages is a problem for us right now.
Your pal
Wednesday, December 15, 2010
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