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Circus Time

My head is spinning. I am not sure where to begin to frame my views on the travesty that I witnessed on Sunday evening. It was a congressional side-show not quite up to par with Ringling Brothers. And so much for bi-partisanship, with not-a-one Republican vote. Let me make it clear that I am a major proponent of healthcare reform, but this legislation is–I don’t know what. It is not good, in my view, for our industry. For starters, the bill provides for a Medicare Payroll tax on investment income. Beginning in 2012, the bill legislates a 3.8% tax on investment income for families making more than $250,000 per year–$200,000 for individuals. It’s not only the rich that are going to be taxed, it’s the entrepreneurs, developers, and other risk takers, that will start to “do deals” and build a recovery out of this mess. I’m disgusted with the way this, one of the most important issues of our time, was relegated to a circus side-show, and a bad one at that.

Tony LoPinto is a senior client partner and head of Korn//Ferry International’s Real Estate Practice and founder of SelectLeaders. The views expressed in this article are the author’s own.
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