Sussman's Congresswoman Wife Backs Obama Tax Plan

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.


In Depth

Don’t Overlook These 6 Hybrid Cloud Concerns

Sep 14 2017 | 6:27pm ET

Cloud-based technology solutions have made tremendous inroads into the alternative...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Cash: An Asset In Adolescence

Aug 31 2017 | 3:34pm ET

If the investment industry has a rebellious teenager in the house today, that teenager...