Industry Groups Warn Against Tax Hike
The Associated Press quoted Professor Joseph Bankman in a widely-carried article about the prospect of raising taxes on private equity and hedge funds:
It makes little sense to tax teachers, CEOs or surgeons at a higher rate than private equity executives, said Joseph Bankman, a law professor at Stanford University. In fact, he said, lower taxes for private equity firms and fund managers distort incentives for college students deciding what career to pursue.
"Our economy works best when we have the same tax rates," among all industries, Bankman said.