Sen. Clinton announced her support today for closing a tax loophole allowing Wall Street investment managers to pay a 15% tax rate on their compensation in the form of carried interest, as opposed to an income tax rate which could go up to 35%. In her media release Hillary is described as having an economic vision that focuses on "shared prosperity" and promoting "tax fairness that rewards work, not just wealth." Has any tax rate ever rewarded wealth? You make more, you pay more.Is there anyone who would not use this loophole saving them up to 20% if they could? I support fairness, but a 35% tax rate on anything is insanely high. Her vision of "shared prosperity" is eerily Utopian and concerns me greatly with what type of society we could reform to under her leadership. She could suggest a lower flat tax rate for everyone, but I am sure that does not fit in to her quest for "tax fairness."
The all-knowing Sen. Clinton said, "Private equity and venture capital play important roles in our economy, and we should continue to support the entrepreneurial spirit that makes America great." But what she was really thinking here is "...and we should destroy it by crushing people's desire to earn more." So what she was thinking is we should crush the American Dream.
She described how she would use the funds generated from closing this loophole by saying, "I would use the funds generated by the change-which some have estimated at $4-$6 billion per year-to invest in our middle class and working families. These funds can provide a down payment to help make college more affordable, provide tax relief for hard working Americans, and meet other key priorities to promote shared prosperity in America."
So, she would take away one of the main reasons many people actually do strive to make more money. I don't want those who make more than me to pay for my life and my children's education, nor do I want to pay for other people's when I am making more money. It sounds to me like she would like to further separate the classes in America as opposed to uniting them, as she has claimed.
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