GREENWICH, Conn. -- Protesters will take a bus tour of Greenwich and deliver invoices to the estates of hedge fund managers and private equity managers Saturday in a call for lawmakers to end tax loopholes for the wealthy.
The Lifestyles of the Rich and the Shameless Bus Tour Protest is organized by the Working Families Organization. Workers and tax reform advocates will board the bus in Bridgeport and travel to Greenwich for the tour, which will be followed by a rally at AQR Capital.
The protestors will be speaking out against the "carried interest" tax break utilized by hedge fund managers and private equity managers. Because these individuals make a lot of their money through return on investments by their firms, they pay a 20 percent federal tax rate on their salaries, as opposed to the standard 39.6 percent rate paid by most regular taxpayers.
The organizers of the rally believe that not only is this unfair, but that closing this loophole could help Connecticut lower its $1.5 billion deficit. Supporters of the current tax structure say that the carried interest tax break encourages investment and that closing the loophole would drive businesses away, while opponents say that the state sees little return on its investment. They will be calling on Gov. Dannel Malloy and state lawmakers to support legislation that would recapture the 19 percent of lost revenue.
"Despite evidence-based research claiming that closing the tax loophole can raise $520 million a year, Governor Malloy has made it clear that he intends to protect this special benefit for millionaires and billionaires. Instead, he’s asked working folks to foot the bill and make more sacrifices to help fix the state’s budget," the Working Families Organization said.
"That’s outrageously unfair and it’s why we’re taking a bus tour of these tony estates to call on legislators to close this unfair tax loophole."
The invoices left at the estates will charge the owners "for the havoc they've wreaked on our economy."
The buses will depart at 10 a.m. from Make the Road CT, 850 State St., Bridgeport. If you plan to join, arrive by 9:45 a.m. After the bus tour, there will be a rally at 1 p.m. at AQR Capital, Greenwich Plaza, Greenwich. Workers and taxpayers will voice their concerns about taxes in Connecticut.