Thursday, 31 July 2014
Last updated 46 min ago
Sep 20 2011 | 12:33pm ET
President Barack Obama's plan to raise taxes on the wealthiest Americans to pay for a massive cut in the federal deficit has received mixed reviews—to be generous—on Capitol Hill. But one of the most full-throated supporters is the one member of Congress who may have the most to lose.
Rep. Chellie Pingree (D-Maine) wholeheartedly backed the president's $3 trillion plan, which includes $1.5 trillion in higher taxes. In the unlikely event that the plan becomes law, one of those getting a much fatter bill from the Internal Revenue Service will be S. Donald Sussman, the millionaire head of hedge fund Paloma Partners—and Pingree's husband.
"It's time for millionaires and billionaires to pay their fair share, which I think should include letting the Bush tax cuts expire and closing loopholes that let wealthy taxpayers like hedge fund managers pay lower tax rates than working families," Pingree told the Portland Press Herald. "I also support President Obama's proposed surcharge on millionaires."
It's likely that in spite of his wealth, Sussman also backs the Obama plan: He is a major donor to Democratic causes.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…