Clinton Supports Closing Tax Loophole

By Jennifer Parker

Jul 13, 2007 1:11pm

USA TODAY’s ‘On Politics’ Blog reports: Sen. Hillary Rodham Clinton "today announced her support for cracking down on the tax loophole that allows some Wall Street investment managers to pay dramatically lower tax rates on their income than those paid by average working Americans," the Democrat’s presidential campaign just said in an e-mail press release.

As Stephen Spruiell wrote at National Review Online this morning in something of a preview, "typically political parties crack down on the other party’s donors, not their own. But unlike their financial brethren in the greater securities/investments community, hedge-fund managers (who benefit from the current tax law) are consistent Democratic donors."

But Clinton, in her campaign’s release, says "it offends our values as a nation when an investment manager making $50 million can pay a lower tax rate on her earned income than a teacher making $50,000 pays on her income."

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