RUBIN ON HEDGE FUNDS. And lions will lay with lambs, and cats will frolic with dogs, and mega-bankers will call for higher tax rates on hedge fund managers. Well, at least the last will happen. Former Secretary of the Treasury Robert Rubin came out yesterday, when Rubin argued that too many fund managers are being able to convert sources of income into revenues treated as "capital gains," and thus taxed at a much lower rate. That, he suggested, should stop. Agreed. Indeed, I'd go a step further and say all capital gains income should be taxed at the rate of wage income. There's really no reason wealth should get such preferential treatment over work. --Ezra Klein
