Bloomberg: ... “I know a lot of bad people in this country that are making a hell of a lot of money and not paying taxes,” Trump said in an interview with Time, in apparent reference to hedge fund and private equity fund managers. “The tax law is totally screwed up.”
"They're paying nothing and it's ridiculous," he added on CBS a few days later. “The hedge fund guys didn't build this country. These are guys that shift paper around and they get lucky." He went on: “They’re energetic, they’re very smart. But a lot of them, it’s like they’re paper pushers. They make a fortune, they pay no tax... The hedge funds guys are getting away with murder.”
Trump was apparently referring to carried interest. Most hedge funds and private equity funds are structured as partnerships where the fund managers serve as general partners and the investors as limited partners. Carried interest represents the fund managers’ share of the income generated by the fund, which is typically 20 percent of the fund’s profits at the end of the year. For most funds, this share of the profits, called an “incentive fee,” makes up most of the fund managers’ income, and, depending on the size and performance of the fund, it can stretch into the hundreds of millions of dollars. It’s largely what pays for 40,000 square foot mansions in Greenwich, Conn., and major league baseball teams and $100 million works of art. Under current tax rules, much of that incentive fee income is taxed at the long-term capital gains rate of 20 percent. If it was taxed as ordinary income, the top rate would be 39.6 percent. For hedge fund managers, the carried interest tax provision is something of a third rail, the one thing that unites them in furious opposition.
Pessimism of the Intellect, Optimism of the Will Favorite posts | Manifold podcast | Twitter: @hsu_steve
Thursday, August 27, 2015
Trump on carried interest and hedge funds: "They didn't build this country."
Say what you want about Trump, he's one of the only candidates who isn't beholden to oligarch campaign contributors. Below he goes after the crazy tax break that hedge fund managers enjoy.
Subscribe to:
Post Comments (Atom)
Blog Archive
-
▼
2015
(166)
-
▼
08
(16)
- No genomic dark matter
- Jiujitsu renaissance
- Trump on carried interest and hedge funds: "They d...
- Man and Superman
- Education and Achievement Gaps
- Now go train jiujitsu: choked out terrorist edition
- Lackeys of the plutocracy?
- Crossfit Games 2015
- Pinker on bioethics
- Explain it to me like I'm five years old
- Tomorrowland
- Caltech crushes Harvard, MIT, and all the rest
- Deep Learning in Nature
- Seattle: quantum thermalization and genomic predic...
- Brooklyn with palm trees
- Crossing the Pacific
-
▼
08
(16)

Labels
- physics (376)
- genetics (302)
- globalization (281)
- finance (268)
- brainpower (265)
- genomics (251)
- technology (237)
- american society (230)
- China (210)
- innovation (193)
- economics (183)
- ai (181)
- psychometrics (172)
- science (166)
- photos (162)
- psychology (158)
- machine learning (145)
- biology (142)
- travel (142)
- genetic engineering (129)
- universities (129)
- higher education (124)
- human capital (119)
- credit crisis (115)
- startups (113)
- iq (106)
- cognitive science (99)
- podcasts (98)
- autobiographical (88)
- political correctness (85)
- politics (85)
- careers (84)
- geopolitics (82)
- statistics (80)
- credit crunch (78)
- elitism (76)
- evolution (75)
- bounded rationality (74)
- quantum mechanics (74)
- gilded age (73)
- talks (72)
- income inequality (71)
- social science (71)
- genius (70)
- history of science (66)
- caltech (64)
- realpolitik (63)
- books (62)
- MSU (59)
- mma (57)
- sci fi (56)
- harvard (54)
- biotech (53)
- silicon valley (53)
- academia (51)
- mathematics (51)
- kids (50)
- education (49)
- bgi (48)
- history (48)
- intellectual history (48)
- cdo (45)
- derivatives (43)
- neuroscience (43)
- behavioral economics (41)
- jiujitsu (41)
- literature (40)
- physical training (39)
- video (38)
- computing (37)
- ufc (37)
- bjj (36)
- bubbles (36)
- film (36)
- mortgages (36)
- google (35)
- expert prediction (34)
- many worlds (34)
- affirmative action (33)
- hedge funds (33)
- economic history (32)
- nuclear weapons (31)
- race relations (31)
- security (31)
- black holes (30)
- quants (30)
- von Neumann (30)
- efficient markets (29)
- feynman (29)
- foo camp (29)
- movies (29)
- sports (29)
- music (28)
- singularity (26)
- entrepreneurs (25)
- housing (25)
- obama (25)
- subprime (25)
- berkeley (24)
- taiwan (24)
- conferences (23)
- epidemics (23)
- venture capital (23)
- athletics (22)
- meritocracy (22)
- quantum field theory (22)
- ultimate fighting (22)
- wall street (22)
- cds (20)
- internet (20)
- blogging (19)
- scifoo (19)
- gender (18)
- goldman sachs (18)
- new yorker (18)
- cryptography (17)
- dna (17)
- freeman dyson (17)
- smpy (17)
- treasury bailout (17)
- university of oregon (17)
- algorithms (16)
- japan (16)
- personality (16)
- privacy (16)
- autism (15)
- christmas (15)
- cosmology (15)
- happiness (15)
- height (15)
- oppenheimer (15)
- Fermi problems (14)
- fitness (14)
- les grandes ecoles (14)
- social networks (14)
- wwii (14)
- chess (13)
- government (13)
- hedonic treadmill (13)
- india (13)
- neanderthals (13)
- probability (13)
- russia (13)
- war (13)
- aspergers (12)
- blade runner (12)
- malcolm gladwell (12)
- net worth (12)
- nobel prize (12)
- nsa (12)
- philosophy of mind (12)
- research (12)
- Einstein (11)
- entropy (11)
- geeks (11)
- harvard society of fellows (11)
- string theory (11)
- television (11)
- Go (10)
- ability (10)
- art (10)
- climate change (10)
- cold war (10)
- football (10)
- italy (10)
- mutants (10)
- nerds (10)
- olympics (10)
- pseudoscience (10)
- complexity (9)
- crossfit (9)
- democracy (9)
- encryption (9)
- energy (9)
- eugene (9)
- flynn effect (9)
- france (9)
- james salter (9)
- pop culture (9)
- turing test (9)
- alan turing (8)
- alpha (8)
- data mining (8)
- dating (8)
- determinism (8)
- games (8)
- keynes (8)
- manhattan (8)
- pca (8)
- philip k. dick (8)
- qcd (8)
- quantum computers (8)
- real estate (8)
- robot genius (8)
- success (8)
- usain bolt (8)
- Iran (7)
- aig (7)
- ashkenazim (7)
- basketball (7)
- environmentalism (7)
- free will (7)
- fx (7)
- game theory (7)
- hugh everett (7)
- new york times (7)
- paris (7)
- patents (7)
- poker (7)
- simulation (7)
- tail risk (7)
- teaching (7)
- volatility (7)
- anthropic principle (6)
- bayes (6)
- class (6)
- drones (6)
- godel (6)
- intellectual property (6)
- markets (6)
- nassim taleb (6)
- noam chomsky (6)
- prostitution (6)
- rationality (6)
- academia sinica (5)
- bobby fischer (5)
- econtalk (5)
- fake alpha (5)
- global warming (5)
- information theory (5)
- iraq war (5)
- kasparov (5)
- luck (5)
- nonlinearity (5)
- perimeter institute (5)
- renaissance technologies (5)
- sad but true (5)
- software development (5)
- vietnam war (5)
- warren buffet (5)
- 100m (4)
- Poincare (4)
- bill gates (4)
- borges (4)
- cambridge uk (4)
- censorship (4)
- charles darwin (4)
- creativity (4)
- demographics (4)
- hormones (4)
- humor (4)
- inequality (4)
- judo (4)
- kerviel (4)
- microsoft (4)
- mixed martial arts (4)
- monsters (4)
- moore's law (4)
- solar energy (4)
- soros (4)
- trento (4)
- 200m (3)
- babies (3)
- brain drain (3)
- charlie munger (3)
- cheng ting hsu (3)
- chet baker (3)
- correlation (3)
- ecosystems (3)
- equity risk premium (3)
- facebook (3)
- fannie (3)
- feminism (3)
- fst (3)
- intellectual ventures (3)
- jim simons (3)
- language (3)
- lee kwan yew (3)
- lewontin fallacy (3)
- lhc (3)
- magic (3)
- michael lewis (3)
- nathan myhrvold (3)
- neal stephenson (3)
- olympiads (3)
- path integrals (3)
- risk preference (3)
- search (3)
- sec (3)
- sivs (3)
- society generale (3)
- supercomputers (3)
- systemic risk (3)
- thailand (3)
- alibaba (2)
- assortative mating (2)
- bear stearns (2)
- bruce springsteen (2)
- charles babbage (2)
- cloning (2)
- computers (2)
- david mamet (2)
- digital books (2)
- donald mackenzie (2)
- drugs (2)
- eliot spitzer (2)
- empire (2)
- exchange rates (2)
- frauds (2)
- freddie (2)
- gaussian copula (2)
- heinlein (2)
- industrial revolution (2)
- james watson (2)
- ltcm (2)
- mating (2)
- mba (2)
- mccain (2)
- mit (2)
- monkeys (2)
- national character (2)
- nicholas metropolis (2)
- no holds barred (2)
- offices (2)
- oligarchs (2)
- palin (2)
- population structure (2)
- prisoner's dilemma (2)
- skidelsky (2)
- socgen (2)
- sprints (2)
- twitter (2)
- ussr (2)
- variance (2)
- virtual reality (2)
- abx (1)
- anathem (1)
- andrew lo (1)
- antikythera mechanism (1)
- athens (1)
- atlas shrugged (1)
- ayn rand (1)
- bay area (1)
- beats (1)
- book search (1)
- bunnie huang (1)
- car dealers (1)
- carlos slim (1)
- catastrophe bonds (1)
- cdos (1)
- ces 2008 (1)
- chance (1)
- children (1)
- cochran-harpending (1)
- cpi (1)
- david x. li (1)
- dick cavett (1)
- dolomites (1)
- dune (1)
- eharmony (1)
- escorts (1)
- faces (1)
- fads (1)
- favorite posts (1)
- fiber optic cable (1)
- francis crick (1)
- gary brecher (1)
- gizmos (1)
- greece (1)
- greenspan (1)
- hypocrisy (1)
- igon value (1)
- iit (1)
- inflation (1)
- information asymmetry (1)
- iphone (1)
- jack kerouac (1)
- jaynes (1)
- jazz (1)
- jfk (1)
- john dolan (1)
- john kerry (1)
- john paulson (1)
- john searle (1)
- john tierney (1)
- jonathan littell (1)
- las vegas (1)
- lawyers (1)
- lehman auction (1)
- les bienveillantes (1)
- lowell wood (1)
- lse (1)
- machine (1)
- mcgeorge bundy (1)
- mexico (1)
- michael jackson (1)
- mickey rourke (1)
- migration (1)
- money:tech (1)
- myron scholes (1)
- netwon institute (1)
- networks (1)
- newton institute (1)
- nfl (1)
- oliver stone (1)
- phil gramm (1)
- philanthropy (1)
- philip greenspun (1)
- portfolio theory (1)
- power laws (1)
- pyschology (1)
- randomness (1)
- recession (1)
- sales (1)
- singapore (1)
- skype (1)
- standard deviation (1)
- star wars (1)
- starship troopers (1)
- students today (1)
- teleportation (1)
- tierney lab blog (1)
- tomonaga (1)
- tyler cowen (1)
- venice (1)
- violence (1)
- virtual meetings (1)
- war nerd (1)
- wealth effect (1)

No comments:
Post a Comment