Have the Wall Street Lobbyists Gotten to the NYT?

That seems a reasonable question since it looks like the lobbyists might have writtenhttp://www.nytimes.com/2007/07/30/washington/30schumer.html?hp the story on Senator Schumer's support for keeping the fund manager tax break. Ar one point the article describes a bill that would subject the earnings of fund managers to the same tax schedule as that faced by other workers as a proposal that would "single out the industry with a plan that would more than double the taxes on the enormous profits reaped by its executives." Later, it asserts that leading Democrats want to raise the tax rate on the fund managers' "investment gains." Of course this is not true. The issue is the tax rate that fund managers pay on the compensation they earn for managing funds. None of the bills being discussed would raise taxes on fund managers' income on money they actually invest in the fund.

--Dean Baker