Guide to Political Revolution, by Bernie Sanders: on Tax Reform

Replace carried-interest loophole with progressive taxation

It's not just the official tax rates that benefit the rich, it's also the loopholes. There is a carried-interest loophole, a tax-break that allows Wall Street hedge fund managers to treat most of their earnings as long-term capital gains instead of payments for services rendered. Although it makes no rational sense, this loophole cuts the tax rate in half for a small group of incredibly wealthy people--costing the U.S. Treasury as much as $180 billion over ten years.