Robert Reich on Corporations

Former Secretary of Labor; Democratic Challenger MA Governor

Hedge-funds receive $1B each in tax loopholes

The latest tax-reform bills are far from perfect--they leave open a number of loopholes and would only recoup a very small fraction of the $100 billion that corporations and wealthy individuals are siphoning off the U.S. Treasury. But the bills would end one more egregious example of the tax policy double standard, finally forcing hedge-fund managers to pay taxes at the same rate as everybody else. As the law stands now, their income is considered "carried interest" and is accordingly taxed at the capital gain rate of 15 percent.

According to former labor secretary Robert Reich, in 2009 "the 25 most successful hedge-fund managers earned a billion dollars each." The top earner clocked in at $4 billion. Closing this outrageous loophole would bring in close to $20 billion in revenue--money desperately needed at a time when teachers and nurses and firemen are being laid off all around the country.

Source: Third World America, by Arianna Huffington, p. 58-59 , Sep 2, 2010

Other governors on Corporations: Robert Reich on other issues:
MA Gubernatorial:
Deval Patrick
MA Senatorial:
John Kerry
Scott Brown

Newly seated 2010:
NJ Chris Christie
VA Bob McDonnell

Term-limited as of Jan. 2011:
AL Bob Riley
CA Arnold Schwarzenegger
GA Sonny Perdue
HI Linda Lingle
ME John Baldacci
MI Jennifer Granholm
NM Bill Richardson
OK Brad Henry
OR Ted Kulongoski
PA Ed Rendell
RI Donald Carcieri
SC Mark Sanford
SD Mike Rounds
TN Phil Bredesen
WY Dave Freudenthal
Newly Elected Nov. 2010:
AL: Robert Bentley (R)
CA: Jerry Brown (D)
CO: John Hickenlooper (D)
CT: Dan Malloy (D)
FL: Rick Scott (R)
GA: Nathan Deal (R)
HI: Neil Abercrombie (D)
IA: Terry Branstad (R)
KS: Sam Brownback (R)
ME: Paul LePage (R)
MI: Rick Snyder (R)
MN: Mark Dayton (D)
ND: Jack Dalrymple (R)
NM: Susana Martinez (R)
NV: Brian Sandoval (R)
NY: Andrew Cuomo (D)
OH: John Kasich (R)
OK: Mary Fallin (R)
PA: Tom Corbett (R)
RI: Lincoln Chafee (I)
SC: Nikki Haley (R)
SD: Dennis Daugaard (R)
TN: Bill Haslam (R)
VT: Peter Shumlin (D)
WI: Scott Walker (R)
WY: Matt Mead (R)
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Page last updated: Nov 23, 2011