Hillary, Harry Reid, and Campaign Contributions
The Democrats had planned to double the taxes on hedge funds and private equity,
Earlier this week Senate Majority Leader Harry Reid seems indicated the Democratic Party won't follow through on the tax-the-rich plan.
This is a little awkward for a party that has made income inequality a campaign staple. But the turnabout isn't so mysterious in an election season when Wall Street moneymen have made more than $6 million in political donations, with most going to Democrats, especially a certain Senator from New York.
Source: Wall Street Journal October 9, 2007
Re: Hillary, Harry Reid, and Campaign Contributions
Taxing investments is industrial strength stupid, as well as being unfair. It's like eating seed corn, or killing the golden goose.
Nothing like trying to deter the kinds of behavior the government should be trying to encourage. Wealth is not evil. Wealth is neutral. Playing the "class warfare" card should be a red flag to everyone, but there is an endless supply of stupid people and they get to vote also.