Boston.com – Hedge fund managers, venture capitalists, and other financial high-fliers have more to celebrate this holiday season than year-end bonus checks.
Thanks to a $4 million lobbying campaign in Congress, and the support of key senators in both parties, these financial managers are still paying much less in taxes on income they get from successful investments, because of a special federal tax break. While wage earners are taxed as high as 35 percent, the investment managers pay the lower capital gains rate of 15 percent on this income.
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