Thursday, July 7, 2011

John Boehner: It's Not My Fault That Not Enough People Are Hedge Fund Managers!

God Bless The "Hedge Fund Loophole" & The Republicans Who Protect It
So while there's an ongoing debt ceiling debate over cuts in spending and the need for and increase in revenue by removing gov't subsidies to huge corporations. Did you know that just by eliminating the tax loophole for hedge fund managers itself, would raise more than $4 billion in revenue annually?

Now I don't know about you, but my Black ass ain't rich. Also, I'd posit that this site isn't frequently visited by the top income earners in America. That's right, we's po' folks 'round hurr by wealthy white folks standards. Even further, a certain segment of us who frequent this site do stand to lose with those deep cuts to Medicare, Medicaid, and all those great perks us po' folks enjoy via our spendthrift gub'ment. Tough break nigga; get rich or die living poor,

But the country is broke so I understand, there's a need for shared sacrifice. Having said that, checkout just how closing this one loophole that Republicans are against can benefit the country's need for revenue. Checkout what Progressive activist and former Texas agricultural commissioner dug up recently, as it relates to hedge fund billionaire, John Paulson.
If your job paid $50,000 a year and you stayed at it for 47 years, your tally for a lifetime of work would be $2.4 million. Not bad — but hedge fund hustler John Paulson pulled down that much last year.

Most of us would consider an annual income of $2.4 million to be a windfall, but it didn’t take Paulson a full 12 months of work to pocket his windfall — or one month, a week, or even a day. That’s how much he made an hour. Yes, Paulson could’ve worked one single hour in 2010 and hauled off a paycheck equal to what a typical household gets for a lifetime of work.
Now look, I'm not saying it's a sin for one man to make that much money. Lord knows I could appreciate taking royal dumps on golden toilet seats, and literally wiping my fat ass with one hundred dollar bills. But as "broke" as the country is right now as they say it is, Doesn't it make more sense from getting your cut from guys like Paulson? You know, guys like him who are currently paying a lower tax rate than po' folks?
The top 25 hedge fund managers in the United States collectively earned $22 billion last year, and yet they have their own cushy set of tax rules. If they operated under the same rules that apply to other people — police officers, for example, or teachers — the country could cut its national deficit by as much as $44 billion in the next ten years.
I once had a very staunch Republican supporter with whom I worked, who would always say: "Man fuck the Democrats, I'm a Republican, and I've never gotten a job from a person who's poor." I haven't seen him in a number of years. But today I thought about him and wondered if he was one of the many unemployed today waiting for some rich guy to hand him a job. Lord knows if I were him, I'd be mad too that those slavery-loving  Democrats were trying to destroy America by asking rich folks to pay their fair share in these hard times,


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