Posted on 05/13/2015 5:02:28 AM PDT by expat_panama
The U.S. won’t put a dent into poverty and income inequity unless Democrats and Republicans can agree to raise taxes on top earners like hedge-fund and private equity managers, President Barack Obama said Tuesday.
Obama, whose longstanding proposal to raise taxes on what is known as carried interest has gained little traction in Congress, said fairness demands that the nation’s wealthiest pitch in as more and more Americans are falling behind.
“If I were able to close that loophole, I’d be able to invest in early childhood education,” Obama said at a poverty summit at Georgetown University in Washington. “If we can’t ask from society’s lottery winners to make that modest investment, then really this conversation is for show.”
Obama’s off-the-cuff remarks came during a discussion in which he said the U.S. has a chance to confront poverty as politicians from both parties, including 2016 presidential candidates, are converging on issues of income inequality and opportunity. He offered no new remedies.
More from Bloomberg.com: ACLU Seeks Probe of Alleged Bias Against Women in Hollywood
The president has often said the wealthiest Americans must make sacrifices to better life for poorer people. In addition to urging higher taxes for investment managers on Tuesday, he questioned whether the pay of some corporate chief executives is justified.
Social Constraints
“A previous CEO of a company might have made 50 times the average wage of a worker,” Obama said. “They might now make 1,000 times or 2,000 times, and that’s accepted practice inside the corporate boardroom. That’s not because they’re bad people. That’s because they’ve been freed from a certain set of social constraints.”...
(Excerpt) Read more at finance.yahoo.com ...
Just like your daughter Bill?
Actually it appears that if you really want to go for the big money you need to go college, work hard and study and perfect the rules for setting up and running a charitable foundation. You can become billionaire.
It takes time but along the way you might get to $100 to $200 million in 10 years or so. You can live on that while you’re building your real fortune.
In related news, federal tax revenues are already at a record high!
Class warfare.
and I actually agree with him about the carried interest tax rules, especially for hedge funds where the reasons for having them don’t exist,
but with Obama it’s always got to be about how undeserving rich people should willingly give their money to deserving poor people, and I just don’t think he understands that it’s a lot of work to make it to the top of the heap in the hedge fund world, unlike winning a lottery, which is no work at all.
Lottery is defined as a process or thing whose success or outcome is governed by chance. While there are wealthy people who got that way by being born into the right family, most have accumulated their wealth by working hard & making the correct life/business decisions along the way.
Obama's comments are just another of his many Marxist examples of promoting class warfare.
hedge fund
nounnoun: hedge fund; plural noun: hedge funds
That means it doesn't hedge (reduce risk) and it's not a fund (because it's closed to new investors. imho if free people want to pour their money into 'em, they don't hurt anyone, then we've no need for leftist class hatred. The good being done is that fund customers who insist on squandering their wealth on questionable investments will be stopped when they go broke anyway.
[or "cankles futures trader", as the case may be]
Kill the economy, AND pick its pockets! Good plan.:)
Welcome to Socialism 101, students. Your first assignment is to use the following in one sentence:
1. loophole
2. invest
3. childhood
4. education
5. society’s lottery winners
This Marxists shows once again he knows nothing about economics and everything about hate. Hedge funds are the insurance policies of the marketplace.
Pray America is waking
...yeah, but Evil Republican budget cuts have destroyed education, the military, the climate, the middle class, law enforcement, kiddies lunches, blah, blah, blah...
Thanks for the ping. The latest indicators…
They are not “winners” they are “earners”.
No one is handing out millions of dollars to earners ...unless those earners are providing someone else with millions or billions of value.
It is that simple. Obama only understands the dependent class who are given money with nothing expected in return (except a vote).
He doesn’t understand that those who earn (especially if they earn big) have to deliver. They have to have a special knowledge, negotiating ability, ambition, smarts or all of the above for someone else to allow them to earn millions.
Unlike the government, corporate America isn’t handing out shareholder money on the street corner for nothing. It has to be earned.
Class envy is destroying this country. People used to want to be rich; now they just want the rich people’s money. Thanks to Obama and Democrats.
Fundamentally, the liberals understand that as long as they can keep 47% of Americans from paying federal taxes and give them cash on top of that (Earned Income Tax Credit, food stamps, etc.), and they can get those folks to the polls, it is very hard to lose and election. Mitt wasn’t wrong.
It is none of his business how much they make. NOT THE ROLE OF GOVERNMENT.
Obama thinks one of the Ten Commandments is THOU SHALT STEAL FROM ONE AND GIVE TO ANOTHER.
Income is called EARNINGS for a reason.
A cattle futures trader who has never been to Texas, never seen a cow, wouldn't recognize a Herford, and thinks Jersey is a state.... :)
I don’t recognize your right to define fairness, dear leader.
http://www.businessinsider.com/hsbcs-stephen-king-on-the-world-economy-2015-5
As I understand it, these are incredibly stressful positions, to the point where it consumes their lives. There are few people who are made to handle that type of stress and excel. The rewards seem appropriate for the risk.
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