GROVER-LAND….Matt Yglesias asks:
Here’s a question. We know that some Democrats are opposed to closing the “carried interest” tax loophole because hedge fund managers give a lot of money to Democrats. But so why don’t Republicans try to embarrass the Chuck Schumers of the world by coming out against this loophole? Normally Republicans never miss a chance to do a favor to rich people, but most hedge fund money goes to Democrats so why not pull some jujitsu?
Silly Matt. Virtually every Republican in Congress has signed — using the blood of their first-born child — Grover Norquist’s anti-tax pledge. Everyone knows that “closing a loophole” is just crafty liberalspeak for “increasing your taxes,” so voting to tax hedge fund managers at normal rates would cause all pledge-abiding members of the GOP caucus to explode. Or, in any case, open them up to Grover Norquist saying mean things about them.
Besides, you know the old saying. “First they came for the hedge fund billionaires, and I didn’t speak up because I was not a hedge fund billionaire. Then they came for the trust fund billionaires, and I didn’t speak up because I was not a trust fund billionaire. They they came for the real estate billionaires, and I didn’t speak up because I was not a real estate billionaire. Then they came for me, and by that time there were no billionaires left to speak up.”
It’s a dog-eat-dog world out there. America’s billionaires need to stick together.