Schumer-Rangel Tax Hike :: New York Sun Editorial

Senator Dole once quipped that "the most dangerous place in Washington is between Senator Schumer and a television camera," but it's starting to look like the most dangerous place is between Mr. Schumer and your back pocket. Mr. Schumer had been opposing a scheme percolating in the Senate to raise the 15% tax rate that applies to "carried interest" held by certain wealthy hedge fund, private equity, and venture capital tycoons because he feared it would single out so many big donors to the Democratic Senatorial Campaign Committee that he chairs. But it turns out — he announced this week — that he wants to rectify this attack on the leaders of the home town industry in New York by a tax hike that would "spread the pain" so that the higher tax would also be paid not only be big real estate investors but also by the energy tycoons in the corn-fields of one of the senators who started this nonsense, Charles Grassley.

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