[FoRK] Obama disingenuousness

[Rob Harley]

I'll stay on-list thanks and quote:

"Partnership profits are taxed not to the partnership; instead
partners are taxed
on allocations of partnership income, and the nature of that income (capital or
ordinary) "flows-through" to the partners.  As a result, the investment
managers are able to have income for performance of services taxed at the 15%
capital gains rate."