In the initial stages of my campaign for Congress, I wrote about how fund managers (hedge, private equity, real estate, venture capital, energy) benefit from the "carried interest loophole" and how the Treasury could collect an additional $2.1 billion a year in tax revenue if these managers paid ordinary income tax on making money with other people's money instead of the more favorable capital gains rate.
$2.1 billion a year would mean approximately $5,000,000 for each and every one of our 435 Congressional Districts! How could your district use those funds?
The corruption facing our government is that politicians respond to the needs of their major donors rather than those of their constituents. Rather than pass a bill correcting this obvious loophole, politicians are silent on it. It is a “go along to get along” philosophy – do not stick your neck out, toe the party line, take big corporate PAC money and then get re-elected. Is it any surprise that Congressional approval rating has now sunk BELOW 10%!!
In New York's 7th Congressional District, we could use the funds to:
- Alleviate poverty (we have nearly 26% of people living below the poverty line)
- Support entrepreneurial education & job creation programs (our unemployment rate is 11%)
- Capital improvements to our schools
- Hiring more teachers and bonuses for extraordinary performance
- Provide further funding for storm resiliency and disaster relief
- Capital improvements to our infrastructure and maintenance to our public housing
How would your Congressional District use $5,000,000 each and every year if fund managers paid their fair share of taxes? Please share your thoughts on our contact page and share this article if you care to make a difference to the future of our country.