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Equity Firms 'to Accept' Tax Hike

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http://news.bbc.co.uk/1/hi/business/6761433.stm

Looks like some of the leeches who run private equity may have to pay more than the 10% in tax they now pay on much of their earnings. Except of course that only 40 out of the top 200 executives pay any tax here at all...

Buy a firm with debt money which you pass onto the company, sack a load of the employees and only pay 10% tax on your massive plunder. Nice work if you can get it. Very NuLabour. All that's needed is to give these 'heroes of modern capitalism' a Knighthood to go with it.

I wonder how long it is before some large funds go bust due to the high risks and lack of regulation. Who picks up the bill then ? The banks ? Or will they just magic some more money from central banks to bail them out 'for the public good' and cause more inflation (effectively a tax on everyone else).

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