John Kerry, of all people, has no room to complain about using a legal method to avoid taxes. He stores his multi-million dollar yacht outside of Massachusetts so he doesn't have to pay the huge luxury tax on it...but whatever. What our good friends at Rolling Stone failed to mention in their objective piece on the matter is that the reason the proposal failed was because the legislation would have increased the tax by 40% to 150%. Thus a 15% tax becomes 50%. Aside from that, this is money that the government did absolutely nothing to earn. Others do by assuming risk. Managing hedge funds involves substantial personal and professional risk, especially when Barney Frank is writing tax laws. The returns that come from these investment activities are what generate venture-capital. Venture capital creates small businesses. Small businesses create jobs.
