Fair Tax Treatment

The following New York Times editorial reported Hedge Fund pay in 2009.
Hedge Funds Make Hay

Shouldn't this be a top priority for law makers? We have gone through the worst recession since great depression due to financial crisis, but an important issue has not been taken care by law makers yet.

"The tax disparity results from an outdated rule that lets a money manager in a private partnership treat a chunk of his fees as if they were long-term capital gains, taxed at a special low rate of 15 percent. Fees for managing someone else’s money should be taxed as ordinary income, like wages and salary, at rates as high as 35 percent."

"President Obama has included a provision to end that special treatment in his most recent budget. For three years running, the House has passed a bill to close the loophole. In the Senate both Democrats and Republicans have resisted, all for fear of losing lucrative campaign donations."