RTD: Webb Against Tax Hike, For Closing Loopholes

Well… gotta give credit where credit is due. Virginia Senator Jim Webb opposes tax hikes in any upcoming budget deal:

Webb has introduced legislation over the years to close the ‘carried interest’ tax loophole that allows hedge fund managers’ income to be taxed at low capital gains rates and eliminate ethanol subsidies.

In 2009, Webb introduced legislation to provide for a profits tax on large bonuses paid to executives from companies who received more than $5 billion from the TARP bailout. The measure never received a vote on the senate floor.

“Taken together, such provisions could reduce the federal deficit by hundreds of billions of dollars and restore a measure of fairness to the tax code,” Webb said.

“I believe these and other similar approaches should be taken by Congressional and administration leaders, rather than increasing the tax burden on Americans whose paychecks are coming from earned income as the result of their direct services.”

…and this, on the same day Senator Mitch McConnell caves on the debt ceiling.

I tried to find a fife and drum corps on YouTube that played “The World Turned Upside Down”, but instead found this awesome band called ANCHORFACE playing old school British navy tunes in a bar.  Enjoy!

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