 Tax breaks are another way the fat cats take advantage of the Washington swamp billionaire money managers get taxed differently from ordinary people. If you reach the top bracket this year Uncle Sam will take about 40% of what you earn but if you're in the investment business your profits are taxed at a lower rate 20% the capital gains rate. Candidate Trump says he'll change that. The hedge fund guys are getting away with murder they're making a tremendous amount of money they have to pay tax but they're not getting away with murder and they are paying taxes and they eventually pay tax on this carried interest as it's called. Yeah they do but they paid at a capital gains rate and here's the populist appeal Trump's message is that why should you and I ordinary people go out and pay 25 or 28 or 34 or even 39% tax when people at hedge funds and venture capital funds and private equity funds are for the bulk of their compensation paying 20% capital gains rates. Now I want to pay what they pay I want everyone to pay fewer taxes in this country but I understand the appeal when Trump says you know fat cats get treated differently. Carried interest is boring and I'd avoid it on this show except that I love what it reveals about some of the sleazier politicians in the swamp people like my senator Chuck Schumer here he is debating his Senate opponent. I have supported and will support in the Senate getting rid of carried interest for so long that you have defended the carried interest rule. When it was first proposed I said don't just do it for financial institutions in New York. Do it for real estate. Do it for the poison pill. That's it. The poison pill what does when the long mean? Well she means that oftentimes they take a common-sense measure that a lot of people agree on and they package it in some much larger overall reform bill and some members of Congress and senators like Chuck Schumer can vote against the bigger package but at the same time say well I'm for changing the carried interest rule so he gets to talk out of both sides of his mouth because at the end of the day Mr. Schumer would like to be friends with Wall Street as much as he might talk about taxing it. That's where most of the money comes from if you're a New York senator. Absolutely and Wall Street is highly progressive. It donates to Democrats more than Republicans.