John Garamendi said "Well, he pays 15 percent. Somehow or another they got into the law. The hedge fund folks that are making hundreds of millions of dollars a year--in some cases, billions--are paying 15 percent on their income. Now they've got it classified as capital gains when, in fact, it's their labor. That is, it's their work. As you and I are working here and as people are working in the manufacturing plants, it's their work, but it's taxed at 15 percent, not at 35 or 38 percent. What's that all about? Where are we going to end that tax break? That's about $17 billion over 10 years." @ PoliticalQuotes.com

On the recordSeptember 14, 2011

Well, he pays 15 percent. Somehow or another they got into the law. The hedge fund folks that are making hundreds of millions of dollars a year--in some cases, billions--are paying 15 percent on their income. Now they've got it classified as capital gains when, in fact, it's their labor. That is, it's their work. As you and I are working here and as people are working in the manufacturing plants, it's their work, but it's taxed at 15 percent, not at 35 or 38 percent. What's that all about? Where are we going to end that tax break? That's about $17 billion over 10 years.

Said by

John Garamendi

Democratic · California

Source

govinfo.gov

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