Obama Rejects 'Class Warfare' Tag In Push For Hedge Fund Tax Hike

Sep 19 2011 | 12:35pm ET

If President Barack Obama's latest tax proposals—which would increase the burden on hedge fund managers and other wealthy Americans—are class warfare, as Republicans claim, he's come out with all guns blazing.

The president would pay for half of his $3 billion deficit-reduction plan by eliminating tax breaks he says favor the wealthiest. And Obama, more combative on the matter—or any other—than at any other time during his presidency, has vowed to veto any plan that does not include higher revenue from taxes.

"This is not class warfare. It's math," Obama said at the White House today. "I reject the idea that asking a hedge fund manager to pay the same tax rate as a plumber or teacher is class warfare."

"We shouldn't balance the budget on the backs of the poor and middle class," he went on. "We can't afford these special lower rates for the wealthy."

In Depth

Financial Industry Blockchain Consortium R3 To Open-Source Platform Code

Oct 20 2016 | 9:03pm ET

Bitcoin's blockchain technology has spawned a flurry of activity among fintech startups...


U.S. Trust's Beard: The Rapid Growth of the Art Lending Industry

Oct 7 2016 | 10:55pm ET

Alternative investment managers have emerged as some of the most significant art...

Guest Contributor

Hedge Fund Marketing – Tips for Your Initial Sales Meeting

Sep 29 2016 | 5:46pm ET

There are two main goals a hedge fund should have for an initial in-person sales...