CWA’s national campaign to fight back against Wall Street greed is heating up, and activists and allies are pushing to close the “carried interest” loophole that allows hedge fund managers to pay a lower tax rate than other working Americans.
This tax break for the richest of the 1 percent means that working people – customer service workers, nurses, telecom technicians, our members – pay a much greater percentage of income in taxes than these Wall Street traders. It enables about 2,000 hedge fund managers and venture capitalists to save themselves between $10 and $12 billion a year, according to one private equity investor who testified before Congress.
CWA activists already began training to expand our Take on Wall Street campaign, and more training sessions will be held early this year.
This election season has made clear that Americans are frustrated by a rigged system that rewards the billionaire class over working families. Wall Street destroyed the economy in 2008, and while many families still haven’t recovered from the effects of that recession, Wall Street is now doing fine.
The campaign goals also include:
- End Too-Big-To-Fail . Break up the big banks and protect working Americans’ investments.
- End Tax Exemption for Huge CEO Bonuses . End the CEO Bonus Loophole, which allows corporations to write off a large share of CEO pay as a tax deduction.
- End Predatory Lending . End banks’ predatory lending and other damaging practices by enacting tough new regulations against payday lending, sky-high interest rates, and huge fees.
Join the campaign and take action at www.takeonwallstreet.org