Proposing a Hedge-Fund Tax Hike

Somewhere on Wall Street there is a hedge-fund manager ruing the day he gave money to a Democrat in 2006. On Nov. 9, the House passed a plan that would raise taxes on the lofty fees and bonuses that hedge-fund and private-equity managers receive. This has placed Senate Democrats, who will next take up the measure, in a quandary. They are compelled to fix the alternative minimum tax (AMT), which hurts big swaths of the middle class even though it was created to ensure that the very rich could not entirely escape paying income tax. But in doing so, the Democrats might...

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