“The hedge fund guys are getting away with murder…” – Donald Trump on August 23rd, 2015 on how hedge fund managers only pay 20% on some of their income by using the carried interest loophole. A tax rate that is lower than the rate what middle class families pay. President Donald Trump on Wednesday is planning to unveil a proposal to cut corporate taxes on U.S....

HEDGE PAPERS NO. 45: CLOSING A LUCRATIVE LOOPHOLE TO HELP OUR COMMUNITIES

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  How Maryland Can Raise Millions by Taxing Carried Interest Across the country, states stand to gain billions of dollars in revenue by closing the carried interest loophole.  It’s a long overdue element of financial reform that the federal government has failed to enact, despite bipartisan support for tax fairness. In last year’s Presidential campaign, Donald Trump, Hillary Clinton, Bernie Sanders, and Jeb Bush all called for closing a tax break known as the “carried interest loophole,” a legal fiction used by private equity firms and other members off the wealthy elite to lower their federal tax rates below those paid by many working Americans.[1] These financiers charge a fee for investing other peoples’ money – and call it “carried interest” to get a lower tax rate than kindergarten teachers and truck drivers.[2] Presidential candidates in both parties, experts, advocates and everyday Americans all agree that Wall Street millionaires and billionaires should not get preferential treatment on their taxes.[3] It’s unfair and wrong.... pdf button

HEDGE PAPERS NO. 44: HOW HEDGE FUNDS RIP OFF OHIO UNIVERSITY ENDOWMENTS

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How Ohio Students, Taxpayers & Communities Suffer The Great Recession took an immeasurable toll on Ohio’s colleges and universities–and eight years later, Ohio’s higher education system has yet to recover. State funding was cut, tuition was increased, and university endowments lost huge amounts in market losses – and have since lost even more to exorbitant fees charged by greedy Wall Street hedge fund managers.... pdf button

HEDGE PAPERS NO. 43: CONNECTICUT BILLIONAIRES AND THEIR LUCRATIVE LOOPHOLE

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How We Can Raise Hundreds of Millions by Taxing Carried Interest Across the country, states stand to gain billions of dollars in revenue by closing the carried interest loophole.  It’s a long overdue element of financial reform that the federal government has failed to enact, despite bipartisan support for tax fairness.... pdf button

Hedge Papers No. 42: BILLIONAIRES LEON BLACK & STEPHEN SCHWARZMAN ATTACK MOMENTIVE AND UPSTATE NEW YORK

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With national attention focused on populist anger over Wall Street’s role in rigging the economy, more and more Americans are taking a growing interest in the business practices of billionaire investors and money managers. Wall Street multimillionaires and billionaires have captured unprecedented wealth, even as the rest of the economy sputters and working families see their incomes stagnate or decline.... pdf button

UPDATE: Pirates of the Caribbean: How Santander’s Revolving Door with Puerto Rico’s Development Bank Exacerbated a Fiscal Catastrophe for the Puerto Rican People

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UPDATE: Carlos García Fails to Report CommoLoCo in Financial Disclosure García’s business makes small loans to desperate Puerto Ricans at extremely high interest rates The following is an update concerning the business interests and apparent conflicts of Carlos García, who is serving as a board member of the Financial Oversight and Management Board for Puerto Rico (aka “Fiscal Control Board,” “Junta”).... pdf button

#Hedgepapers No. 41-BILLIONAIRES ATTACK NEW YORK STATE ELECTIONS

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BILLIONAIRES BUYING ALBANY LAWMAKERS TO WIN NEW TAX BREAKS AND PROTECT OLD ONES More and more New Yorkers are outraged over corruption and influence-pedaling in Albany, disgusted with a state government that seems to prioritize special deals for the wealthy and well-connected over the needs of regular people. Dozens of Albany lawmakers and top officials have been arrested and prosecuted for criminal violations in recent years, but state government corruption has continued – including the “legal” corruption that’s caused by massive campaign contributions from individuals and corporations seeking special benefits from state government, or seeking to keep special benefits they’ve already got.... pdf button

#Hedgepapers No. 40- High-Priced Hustle: How Hedge Funds Have Made Billions Cheating Ohio’s Public Pensions

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Wall Street’s Big Scam: Higher Fees, Lower Returns Introduction: Ohio’s Public Pensions and the Great Recession The Great Recession hit Ohio hard. From leading the nation in foreclosures at the onset of the economic crisis[1] to losing over 400,000 jobs between 2007 and 2009,[2]families and neighborhoods across the state felt the devastating impact of Wall Street’s greed and risk-taking.... pdf button

#Hedgepapers No. 39-HEDGE FUND BILLIONAIRES ATTACK THE HUDSON VALLEY

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WALL STREET GOES ALL IN TO SAVE TAX BREAKS FOR THE WEALTHY Hedge funds and billionaire hedge fund managers are destroying our economy, corrupting our government, hurting families and communities and exploding inequality. It’s happening all over America, and increasingly all over the world. And now it’s happening in the Hudson Valley.... pdf button

#Hedgepapers No. 38- Larry Levy: Chicago’s Taxpayer-Subsidized Real Estate Tycoon

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RAHM’S PAL GETS SPECIAL SUBSIDIES AS SCHOOLS SUFFER The Chicago Public School system is struggling with a $1.1 billion budget deficit this year. Parents, teachers and students are suffering from inadequate resources, and are scared about the future. And as Illinois Governor Bruce Rauner continues to slash funding for public education, public school principals have again been asked to cut their spending, this time by $120 million system-wide mid-year[1] – and Chicago Mayor Rahm Emanuel is demanding that teachers accept $500 million in pension cuts.[2] But not everyone is suffering.... pdf button