A tax loophole that saves private equity and hedge fund managers billions of dollars every year has existed since 1954. Yes, that's right. Taxpayers have been subsidizing these multi-millionaires for 56 years. For three years in a row, the House of Representatives has passed a bill to close this loophole. The Senate has failed to pass the bill, so the loophole still exists. It's a joke. Who in the Senate is going to be a leader and stand for what's right?
James Surowiecki has a brilliant and brief analysis in the New Yorker.
US PIRG has an excellent statement on the need to close the loophole.