He is pointing out that people running hedge funds have a loophole where their “salary” isn’t a salary but categorized as capital gains, so they are only paying 18%. I agree with him on this point.
It’s not raising taxes, it’s taking away an unfair loophole.
“only 18 percent eh?
Is that all?
The title is very misleading then.
Note to WSJ: this is yet another reason I told you to go p!$$ up a rope years ago and gave my money to Investors Business Daily.
The main reason, of course, is that IBD is geared to making money without wasting my time. WSJ is geared to wasting my time without giving me any actionable market information.
Any income tax should be the same rate on all income whether it’s from an investment or from labor. Anything else is the government picking winners and losers and trying to influence behavior through the tax code. That’s none of their business. Get rid of any and all varying rates dependent on where your income came from.