President Barack Obama might as well have held up a picture of
Paul Singer or David Tepper while delivering his speech to
Congress introducing the American Jobs Act. "While most people
in this country struggle to make ends meet, a few of the most
affluent citizens and most profitable corporations enjoy tax
breaks and loopholes that nobody else gets," said the president
on September 8. "Right now, Warren Buffett pays a lower tax
rate than his secretary-an outrage he has asked us to fix. We
need a tax code where...everybody pays their fair share."
Obama's jobs bill, coupled with the Joint Select Committee
on Deficit Reduction-the so-called supercommittee tasked with
recommending at least $1.5 trillion in deficit cuts over 10
years-has revived almost every tax idea bandied about by
lawmakers in recent memory that could affect hedge fund
managers. At least seven...