Obama: "Win For Life" Hedge Fund Managers Should Donate Some Of Their Scratch-Off Haul To Non-Winners

The U.S. won’t put a dent into poverty and income inequity unless Democrats and Republicans can agree to raise taxes on top earners like hedge-fund and private equity managers, President Barack Obama said Tuesday. Obama, whose longstanding proposal to raise taxes on what is known as carried interest has gained little traction in Congress, said fairness demands that the nation’s wealthiest pitch in as more and more Americans are falling behind. “If I were able to close that loophole, I’d be able to invest in early childhood education,” Obama said at a poverty summit at Georgetown University in Washington. “If we can’t ask from society’s lottery winners to make that modest investment, then really this conversation is for show.” [Bloomberg]