It’s not likely to be as big a summer blockbuster as “Jurassic World,” but a new documentary about the carried interest tax break has just premiered.
The movie, “Hedge Fund Billionaires vs. Kindergarten Teachers: Whose Side Are You On?” has something of an agitprop-sounding title. The premiere Thursday evening was attended by New York City Mayor Bill de Blasio, a leader of the progressive movement.
The mayor’s office, as well as the production company behind the film, Brave New Films, are calling for the closure of the tax break, arguing that it primarily benefits the ultra-wealthy. Beneficiaries include hedge fund managers, private equity fund partners, venture capitalists, and real estate titans, allowing their income to be taxed at the lower capital gains tax rates instead of ordinary income rates.
“We have seen the crisis of inequality in this nation grow to critical mass, and now is time to act,” de Blasio said in a statement. “It is downright reprehensible that U.S. pre-K teachers—the men and women who teach our kids the colors of the rainbow and the building blocks of language—are collectively earning the same wage as the top 25 hedge funder managers, and foot a heavier bill on tax day to boot. This film imparts an important message; that in America, our policies and tax codes should reflect our values, and reward hard work, not wealth.”