Time to Regulate Hedge Funds
Guest post from Spy Buddy:
“Jim Hightower recently wrote about parasitical hedge fund managers (http://www.jimhightower.com/node/7280). Hightower makes a great point that hedge fund managers are crying because Obama wants to close a tax loophole enabling government to tax hedge funds at a 35% rate (a rate that applies to ordinary income) rather than at the 15% it gets today.
I am surprised hedge funds are being so vocal and calling attention to themselves. Like cockroaches, I thought this group may want to avoid the public spotlight due to their latest ventures. The Huffington Post (http://www.huffingtonpost.com/2010/10/18/the-new-tax-man-big-banks_n_766169.html) reported that hedge funds, and of course the banks we the taxpayers bailed out, are now creating companies that purchase from local governments the right to collect delinquent taxes on properties, many in distressed housing markets. These companies pay overdue real estate taxes then can and do legally collect the debt and levy fees, often outrageous fees. I don’t think collecting on a debt is a bad but charging sky rocketing fees is. This practice often results in property owners find their fees growing beyond recognition into thousands of dollars from originally owing just several hundred dollars.”
Stumble it!
Tags: hedge fund managers, Jim Hightower, Obama, tax reform