Saw your post yesterday on the private equity tax. The Journal editorial you quoted got most of the story, but not quite all.

Very busy and frustrating time. PE partners are pouring $6 million and counting into the Democrats and all they get is Harry Reid saying, in effect, "we will screw you for your fabulous success because we can, but it's not convenient for us to screw you just yet." Meanwhile, Republicans are quickly learning that PE partners don't really care about (or fund) Senators or Congressmen who both agree with and fight for the cause of lower rates on capital.

Republicans have it in their DNA that raising rates from 15% to 35% is equivalent to stepping on the air hose, maybe not enough to cut off all incoming air but enough to stop growth. Oh, except for Grassley, Mr. Populist, who understand nothing.

Bottomline: Democrats know how to shake the money tree -- scare its owners and keep scaring them. Perhaps that's why Hillary is doing so well.

The economy is staying strong. Good thing, too; we need the momentum for the rocky road ahead.

Back here in Illinois we call a bill like that a "fetcher bill" -- a proposed piece of legislation no one seriously wants to pass but one that is designed to fetch campaign contributions instead.