Level the Playing Field

“Some hedge fund managers and private equity managers are taking home more than $100 million a year in what is called ‘carried interest’ income…being taxed at the long-term capital gains rate of 15%. They are not paying the higher rate for ordinary income. Now, professional athletes, Silicon Valley executives and lawyers on contingency fees will also often take home a great deal of income. God bless them!…They tend to pay taxes at the ordinary income rate.”

— Senate Finance Committee Chairman Max Baucus,
D-Mont., during the committee’s hearing
on carried interest, July 11 .

Source: www.senate.gov/~finance.