How Plutocrats Cripple the IRS

``Another example is carried interest--a method that hedge fund managers use to convert ordinary income into capital gains. It has been cited by the press for years as a prime example of an unjustified tax loophole, but nothing has been done to close it--even though it could be closed by a simple revision to the IRS regulations. Why? Because too many powerful members of Congress have threatened holy war if the IRS tried to close it, by eviscerating appropriations and having donor allies cut off campaign contributions to those who support closing the loophole.''