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RELEASE: New ad highlights Franken’s fight to end Wall Street hedge fund tax break

New ad highlights Franken’s fight to end Wall Street hedge fund tax break
Sen. Franken has repeatedly voted to end the carried interest tax loophole

ST. PAUL [10/27/14] — The Franken campaign today released a new TV ad that highlights Sen. Franken’s fight to end an egregious tax loophole that allows billionaire hedge fund managers to pay taxes on income at half the rate of everyday Minnesotans.

The 30-second statewide ad, titled “Hedge,” begins with Sen. Franken revealing to Minnesotans that last year twenty-five Wall Street hedge fund managers made $21 billion: “But here’s what should really bother you. Washington gives hedge funds managers a special tax break – so they pay taxes on that income at half the rate you pay.”

Hedge fund managers pay the same tax rate on “carried interest” as the capital gains tax rate, which is roughly half what everyday Minnesotans would pay on the same amount of income. Sen. Franken has strongly supported ending the carried interest tax loophole and has voted to repeatedly close it or reduce its effect. Sen. Franken has also repeatedly backed the Buffett Rule, which would help close loopholes that benefit the extremely wealthy by requiring them to pay a 30 percent tax rate.

“I’m working to get rid of these special breaks. The Wall Street hedge fund guys may not like that. But I don’t work for them,” Franken says in the ad. “I’m Al Franken and I approve this message because I work for you.”

Documentation of the ad can be found here.

TRANSCRIPT:

AL FRANKEN: Last year, twenty-five Wall Street hedge fund managers made 21 billion dollars. Twenty-five guys made 21 billion dollars. But here’s what should really bother you. Washington gives hedge funds managers a special tax break – so they pay taxes on that income at half the rate you pay. I’m working to get rid of these special breaks. The Wall Street hedge fund guys may not like that. But I don’t work for them. I’m Al Franken and I approve this message because I work for you.

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