Patriotic Millionaires' Continued Effort to Close the Carried Interest Loophole

Patriotic Millionaires' Continued Effort to Close the Carried Interest Loophole

This year, the Patriotic Millionaires crafted a campaign that took the fight to close the loophole to the individual states. New York, a financial hub of the US, has become the lead state in this year’s attempts to bypass inaction and see results. There has been resounding support following Senator Klein’s recent endorsement in the New York State Senate.

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Patriotic Millionaires Challenge Carried Interest Top Lobbyist To Public Debate

Patriotic Millionaires Challenge Carried Interest Top Lobbyist To Public Debate

Today, Morris Pearl, Chair of the Board of the Patriotic Millionaires, challenged Michael Sommers of PEGCC to a public debate on the carried interest tax loophole, the policy which allows fund managers to pay a lower tax rate than most other Americans.

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Boehner Right-Hand Man Mike Sommers Carries (Industry) Interest on Carried Interest

Boehner Right-Hand Man Mike Sommers Carries (Industry) Interest on Carried Interest

Last week, the Private Equity Growth Capital Council announced Mike Sommers, former Chief of Staff to Speaker of the House John Boehner, as its incoming president and CEO. The trade association has been at the center of a battle over the carried interest loophole, a ridiculous rule in our tax code that allows managers of private investment funds to pay capital gains rates on money they earn managing other people’s money.

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