Hedge Fund managers – you know, the lucky so-and-so’s who make hundreds and hundreds of millions in fees investing other lucky so-and-so’s money – are only paying capital gains tax (not income tax like all us working stiffs) on those fees, thanks to one of those magical “loopholes” that seem to elude me and my accountant annually. In my mathematically rudimentary mind, a “fee” registers as “income” for the recipient every time. Apparently capital gains tax is only 15% as investment is discretionary, and you put your money at risk. Okay, I buy that, but what the hell is risky about charging a fee for investing hundreds of billions of other people’s dollars? Hmmm…So I can see a case for “bodily” risk, but I still don’t understand why that qualifies you for a sweet tax deal – Unless of course, you can convince my accountant that the bodily harm risk of being an editorial cartoonist quailifies me for the 15% rate…