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View Diary: The Republican Party Has No Idea How To Create Jobs (21 comments)

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  •  Pay for extending unemployment benefits (2+ / 0-)
    Recommended by:
    jayden, Calamity Jean

    by eliminating unnecessary tax expenditures for fossil fuel interests and get rid of the carried interest loophole. Then use it as a club against the reactionaries in the Republican House if they won't go for that. Then again a pullout from Afghanistan will pay for the unemployed in less than 10 weeks and the justification for extending that conflict is now gone with huge majorities of the public favoring an end to that war.

    •  Or maybe cancel those multi-billion (3+ / 0-)
      Recommended by:
      Calamity Jean, Creosote, NoMoreLies

      dollar destroyers/ships that are scheduled?

    •  I haven't ever seen an estimate in print (0+ / 0-)

      but I would be shocked if changing the taxation of carried interest would raise more than $1 billion a year. To qualify for carried interest you have to be a manager of an investment partnership like a hedge fund, private equity fund or venture capital fund. I would estimate that fewer than 1,000 people in the US earn more than $100,000 annually from carried interest. Add to that the fact the IRS would only be receiving the difference between 20% and 40% and I don't think that's a big pot of gold.

      Just as an aside it's not a loophole. It's a result of a Tax Court case in the early 1970s and every partnership since has been structured to allow for carried interest. Congress could have changed it any time in the last 40 years and hasn't.

      So changing the taxation of carried interest would fund a week or two of extended unemployment compensation.

      To have unemployment compensation extended quickly the Dems will have to propose some other savings acceptable to the GOP. If they don't the Republicans will wait and see if there is any real political damage. If there is they will pass it, if there isn't they won't.

      "let's talk about that"

      by VClib on Thu Jan 02, 2014 at 06:51:24 AM PST

      [ Parent ]

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