Hedge Clippers is creating people-powered change, and they need your help. Please read below to learn more about the issues they're working on and how you can get involved. Thank you!
Tell the IRS: Close This Hedge-fund LoopholeHedge-fund managers are earning exorbitant incomes, and many are avoiding paying taxes by pretending to run offshore reinsurance firms. The top 25 hedge-fund managers earned more than all of our nation's kindergarten teachers in 2014. Despite this, these hedge fund managers are paying a lower effective tax rate than most middle-class families. The IRS and Treasury department is considering a proposal to close the reinsurance loophole, which enables hedge fund managers to pay minimal amounts in taxes on their unbelievable earnings. They do not need the additional benefit of funneling their earnings through an offshore reinsurance company so that they can further reduce their taxes. The IRS and Treasury Department have a duty to preserve fairness in the tax code, and the hedge fund reinsurance loophole is plainly abusive and unfair. Former Representative David Camp has a three prong test that would prevent abuses and ensure tax fairness. That test says that “an insurance company would have to have more than 50 percent of its gross receipts consist of insurance premiums, have insurance liabilities equal to 35 percent of its total assets, and be subject to tax as an insurer if it were a U.S. business.” The IRS and Treasury Department should do the fair thing for the American people by closing this loophole. It’s only fair that people making so much money should be playing by the same rules as the rest of us.36,012 of 40,000 SignaturesCreated by Lynne Audet, National Board Certified Teacher
Close The Loophole - In Washington and In Your StateWe urge you to sign on to legislation to close the billionaire loophole and stop billionaires from paying less in taxes than school teachers and workers. Imagine a tax scam so outrageous that even Donald Trump admits it’s inexcusable. Hard to believe, I realize, but it’s all on tape right here. Wall Street money managers (like hedge fund managers) pay lower tax rates than many middle-income families, even while earning millions — or billions — of dollars per year. Closing the carried interest tax loophole would generate about 18 billion in revenue per year — enough to fund schools and infrastructure. The “carried interest loophole,” is an egregious symbol of how Wall Street billionaires have rigged the political system for their own benefit. Despite broad and bipartisan support, Trump and Republicans in Congress refuse to act and close the loophole for good. Meanwhile, legislators in eight states have already introduced legislation to close the loophole at the state level and use that money to invest in their citizens locally. With elections around the corner, now is the time to ask your members of Congress to stand with working families, not Wall Street. Sign the petition to tell your state legislators to support closing the loophole locally and you members of Congress to close the loophole at the federal level.140 of 200 SignaturesCreated by Hedge Clippers