The real problem with our tax code is the treatment of “carried interest.” The carry allows private equity managers overseeing an investment deal to receive their compensation as tax-advantaged capital gains instead of as salary, which is taxed as ordinary income. http://bit.ly/xsYfBg
The reason I am not in favor of the Buffett Rule is that it wouldn't do anything to fix this problem specifically; it would just put a band-aid over it, and a very flimsy one at that. http://bit.ly/IGp8od
Instead of saying the rich need to pay more, we need focus on overhauling the tax code using a Bowles-Simpson like plan so that it promotes economic growth and collects the required amount of revenue to support the needs of our country.