Check out this featurette…
Basically…Money + Power = Problems. Especially when it comes to the upcoming financial reform legislation. Which is why I’m heartened that the Dems are pushing to get a bill to the floor sooner rather than later and force the Repubs to choose between voter discontent and campaign contributions.
However, Dems don’t get off the hook in Gibney’s doc. In fact, if you watched the vid, you’ll know that Chuck Schumer was called out as asking for concessions for hedge fund managers that are unsavory to say the least. Especially since their income does not fall into the long term capital gains category but is still taxed at 15%.
And this gets to the basic problem of economic fairness. Because folks who make their income off of investments shouldn’t be given preferential treatment above those who work day in and day out to make a hard earned dollar. Why? Well, currently, a guy like Warren Buffet who does nothing but shift money around pays a lot less income tax than his secretary…and even he doesn’t think that’s fair.
Either way, I can’t wait to see this film. Should be an eye opener.
(PS – By the way…if we raised the income tax on investment income…do we really think these folks would stop investing? Because the big dogs would still make so much money, even with a higher tax rate, that they wouldn’t care about the tax. We’re talking BILLIONS here, not a few thousand dollars that day traders would care about. I’m just saying…)