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Committee Holds Hearing on Hedge Funds and the Financial Market

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“The House Committee on Oversight and Government Reform held a hearing titled, Hedge Funds and the Financial Market, on November 13, 2008. The hearing examined systemic risks to the financial markets posed by hedge funds and proposals for regulatory and tax reforms.”

  • Opening Statement of Rep. Henry A. Waxman: “The five witnesses we will hear from today earned on average over $1 billion last year. Yet the tax law allows them to treat the vast majority of their earnings as capital gains. That means that at least some portions of their earnings could be taxed at rates as low as 15%. That’s a lower tax rate than many school teachers, firefighters, or plumbers pay.
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