Fund Moguls Big Political Donors
Professor Joseph Bankman is quoted in a Pittsburgh Post-Gazette story about fund managers contributing heavily to presidential candidates' campaigns. Their reasoning is that future "bills in Congress would close a loophole that allows fund partners to pay a 15 percent capital gains tax rate on most of their earnings, sparing them the 35 percent rate paid by most high-income Americans." Professor Bankman says the following in response:
Fund managers should pay the same taxes as "a brain surgeon or an investment banker or a chief executive officer."