One of the less appetizing sights in politics today is Democrats defending laws that tax high-finance buccaneers at lower rates than the police who guard their Aston Martins. While many Democrats are trying to close these loopholes, some are trying not to. It's about raising money, of course.

Moneybag Democrats justify their stance by arguing that private-equity and hedge-fund billionaires do the public a great service and that taxing them like everyone else will reduce their incentive ...

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