David Ignatius has a good column today about the “carried interest” scam that allows hedge fund managers to be taxed at the capital gains rate of 15% rather than the normal top rate. My question is, Why is the President allowing the billionaire bad boys club to win this one? Even if he lost the battle, this would be a valuable fight to undertake, if only for the spotlight it would shine on the unfairness built into the tax code.
Indeed, it seems that several of my columnar brethren are working this same piece of turf. Here’s Nick Kristof today in the Times.