Senator Chuck Schumer says about the deficit negotiations that “there needs to be revenues in any deal.” Very true.
What revenues might those be? Well, the Democrats are talking about a lot of loopholes for the very wealthy. Let me suggest one: treating the investment gains of hedge fund managers — mnay of whom make millions of dollars — as ordinary income instead of capital gains.
The Democrats tried that in 2007. And who helped to kill it? Chuck Schumer. Clearly, the Republicans don’t want it, either, but this one of those times where the messaging is crucial. Democrats want to make sure that Wall Street pays its fair share, and Republicans want to end Medicare. That can’t be done as long as Schumer decides that campaign contributions are more important.
So what’s it going to be, Chuck?