Obama Challenges Hedge Funds

Barack Obama is the number one recipient of hedge fund money in the '08 campaign for president. Yet even Obama is aghast at his party's decision, under intense lobbying pressure, to exempt these lucrative firms from paying their fair share in taxes, as reported today in the Washington Post.

Here's what his campaign had to say this morning:

"If there was ever a doubt that Washington lobbyists don't actually represent real Americans, it's the fact that they stopped leaders of both parties from requiring elite investment firms to pay their fair share of taxes, even as middle-class families struggle to pay theirs. When I'm President, the American people won't have to spend record amounts on lobbying to get their voice heard in Washington. I will close tax loopholes for big corporations, provide 90% of working Americans with a tax cut, and pass the strongest lobbying reform in history."

Expect a similar release shortly from Clinton and Edwards. Kudos to Obama for being first out of the gate.

UPDATE: Edwards chimes in.

UPDATE II: Hedge fund tax comes up in GOP debate on economy this afternoon. Rudy Giuliani's response: "The market is a wonderful thing." Ron Paul counters: "This is not the consequence of free markets. It's a transfer of wealth from the poor and middle-income to the wealthy."

Comments (11)

1. i doubt they're sweating in K-STREETVILLE.

   they've heard this before.

   Posted by frosty zoom at 10/09/2007 @ 12:25pm

2. Posted by FROSTY ZOOM 10/09/2007 @ 12:25pm

   Yeah.

   Seriously, Mr Berman. "Barack Obama is the number one recipient of hedge fund money in the '08 campaign for president"....

   but he's talking mean about them, and you're congratulating him?!??!?!

   Uh...has he given any of their money BACK?

   Posted by Mask at 10/09/2007 @ 12:32pm

3. As one of Obamas working Americans I can tell you a tax cut for 90% of all Americans was given 6 years ago and it worked, now if they could only cut SPENDING to match, one would find very pleasant results...but as long as our candidates still lie to us that corporations will pay taxes, then we are all doomed to clowns or thieves in office...Corporations do not pay taxes, but pass them on as cost of doing business, which they are...

   Posted by john maasch at 10/09/2007 @ 12:35pm

4. Uh...has he given any of their money BACK?

   Posted by MASK 10/09/2007 @ 12:32pm

   No more than Hillary would give back Chinese money.

   Posted by john maasch at 10/09/2007 @ 12:36pm

5. now if they could only cut SPENDING to match,

   Posted by JOHN MAASCH 10/09/2007 @ 12:35pm

   so, you are for a withdrawal from iraq.

   Posted by frosty zoom at 10/09/2007 @ 1:06pm

6. Posted by JOHN MAASCH 10/09/2007 @ 12:36pm

   Ah, but Hillary isn't out there railing against the Chinese and if she was, and keeping their cash, I doubt Ari Berman would be giving her props for it!

   Seems a pretty naive view for an otherwise smart cookie here at "TN" to be praising Obama for saying one thing and pocketing the other.

   Posted by Mask at 10/09/2007 @ 1:08pm

7. , you are for a withdrawal from iraq.

   Posted by FROSTY ZOOM 10/09/2007 @ 1:06pm

   Always have been, but not pell mell...I also think we have been at war with Radical Islam for 25 years or more..Iraq is just a part ...

   Posted by john maasch at 10/09/2007 @ 1:33pm

8. Posted by JOHN MAASCH 10/09/2007 @ 1:33pm

   so don't you think it's time for peace?

   Posted by frosty zoom at 10/09/2007 @ 3:13pm

9. Posted by JOHN MAASCH 10/09/2007 @ 1:33pm

   so don't you think it's time for peace?

   Posted by FROSTY ZOOM 10/09/2007 @ 3:13pm

   Sure, you might want to inform the Taliban, Osama, AQ, Iran, and a few other sponsors of Islamic Terrorism.

   Posted by john maasch at 10/09/2007 @ 3:46pm

10. Two questions...

    1. Think ZERO even remembers this prediction?--

    BLOG | Posted 09/18/2007 @ 06:24am Clinton's Prescription for Another Heath Care Reform Failure by John Nichols

    This also should cement all votes against Hillary. Who here wants to be compelled by law to buy health insurance, even if there is no public or employer-provided subsidy available at any point in time?----Posted by ZERO 09/17/2007 @ 6:56pm

    and 2. Didn't he promise he would be "cutting back on his posts" just a few days ago?!?!??

    Posted by Mask at 10/09/2007 @ 3:57pm

11. 2008 Presidential Election Weekly Poll

    www.votenic.com [votenic.com]

    Results Posted Tuesday Evening At Midnight.

    Posted by votenic at 10/10/2007 @ 5:35pm