In the Arena

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The real case against the Bain style of capitalism. If I’d had a bit more space, I would have gone into the ways the current tax code could be modified to discourage the short-term profit-taking that has characterized the financialization of the past 50 years. Obviously, the “carried interest” loophole that enables players like Romney to be taxed at capital gains rather than standard rates should be closed. But we also need to do more to discourage financial casino gambling. I’m in favor of a graduated transaction tax on financial derivatives; I’m also in favor of much lower tax rates for companies that produce actual goods and non-financial services. This is the Bain debate we need to have in this campaign–and, if the President chooses to make the high-road case, we may actually have it.