OBAMA SAID EARLY THAT ‘CARRIED INTEREST’ LOOPHOLE SPURS ECONOMIC INEQUALITY

[In 2007] “As Barack Obama began campaigning in earnest for President, he seized on Wall Street reform as a way both to appeal to liberal values and to highlight Hillary Clinton’s ties to the financial industry. On September 17th, on the floor of the Nasdaq exchange, in New York, he declared that a ‘mentality has crept into certain corners of Washington and the business world that says, “What’s good for me is good enough. ” The next day, during a speech at the nonpartisan Tax Policy Center, in Washington, he said that the carried-interest loophole was contributing to economic inequality: ‘We’ve lost the balance between work and wealth.’”

Alec MacGillis, “The Billionaires’ Loophole,” New Yorker, March 14, 2016, pp: 64-73.