Carl Levin: The Unconscionable Tax Break Given To Hedge Fund Managers

``The 20 percent fee is not capital gains, because it applies not to capital that the hedge-fund manager has invested, but to the payment he receives for investing capital that other people provide. Pretending that the 20 percent fee is capital gains when in fact it is payment for a service is an Alice-in-Wonderland argument that elevates fiction over fact...''