(Wall St Journal-Deal Journal Blog) Barack Obama picked Delaware Senator Joe Biden as his running mate in a 3 a.m. pick Saturday that gave a new meaning to the “Friday night news dump.”
Biden’s foreign-policy experience made him Obama’s choice, according to the news reports. But what are Biden’s views on the economy, taxes, deal making and Wall Street? Deal Journal took a look.
Not a fan of hedge funds: In a Democratic primary debate on This Week last year, Biden blamed hedge funds and private-equity funds for the credit crunch: “We need more transparency, particularly with regard to hedge funds and private equity funds. They are the ones that are causing this thing to go under. And there’s no transparency, no accountability. We don’t know how deep this problem is.”
A stable capital-gains tax: Biden voted no to cutting the capital-gains tax rate in 2005 and 2006. Obama favors imposing an income-tax regime on investment profits from private-equity firms and hedge funds that are currently taxed as capital gains. In 2003, the capital-gains tax rate was cut to 15%. Biden believes raising taxes on dividends will raise $195 billion a year.
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