I am a huge fan seeing heroes (or villains) made out of those who argue that tax rates on certain sources of income are too low (or too high). From an academic perspective, tax policy is probably the best venue to address social equity issues. The usual problem is that everyone ignores this stuff, because the issues seem boring and tedious. This is a welcome change.

As a side note, would someone give Magic Johnson a call and tell him that keeping this tax at 15% does not serve the interest of minority communities. http://www.bloggingbuyouts.com/2007/09/05/magic-johnson-joins-fight-against-higher-taxes-on-private-equity/ .

Vic deserves tremendous credit for articulating a flaw in the federal tax law that a few have exploited, at the expense of the many, for far too long. Despite being a lifelong advocate of low taxes, I acknowledge the current political reality. (We aren't going to emulate smart Irish tax policy, for example, any time soon.) The situation at hand, therefore, requires legislative action, the driving force for which Vic has eloquently explained in Two and Twenty and (in draft) Taxing Blackstone. Kudos to Vic.

Perhaps "intellectual godfather" means a scholar who offers a theory you can't refuse?