Earlier this week the House Ways and Means Committee, led by Rep. Richard Neal, released their rewrite of the federal tax code as part of the Democrats’ budget reconciliation proposal. The committee’s proposed changes are, to say the least, completely inadequate. Their proposal preserves the preferential treatment the rich currently receive in the tax code, ensuring that billionaires in America will continue to pay a … Continue reading Neal’s Tax Plan Has Billionaires Popping Champagne
This week The US Chamber of Commerce released a study that attempted to show that taxing carried interest as normal income would lead to massive job loss, a decrease in tax revenue, and an overall reduction in investment. But while Chamber lobbyists are sure to use this so-called “study” to try to convince lawmakers to preserve the carried interest loophole, in reality this document is … Continue reading The Lies in The Chamber of Commerce’s Carried Interest Report
As 2019 comes to a close, let’s take a moment to look back at the major events that impacted the state of the economy – and the national conversation around our three core issues – as we enter the new year, and the many policy developments this year that are giving us hope for better, brighter decade to come.
When Donald Trump campaigned for President he promised to get rid of the carried interest loophole, saying that ‘hedge fund managers are getting away with murder.’ A year later he said he’d get rid of this loophole that’s been “so good for Wall Street investors”. Now, yet again, Trump has promised that he will close the carried interest loophole after enshrining it into law under … Continue reading When Are You Removing the Carried Interest Loophole, Mr. President?
This week, an expose by the Washington Post uncovered a pattern of worsening living conditions in a Pennsylvania nursing-home after its purchase by private equity giant Carlyle Group. Despite being owned by one of the richest private equity firms in the world, the nursing-home struggled financially, leading to elderly residents suffering bedsores, broken bones, infections, and unsanitary living conditions. This is the most recent example … Continue reading Private Equity Firms Don’t Deserve a Tax Cut
In December, when Congress passed the GOP tax bill, they didn’t close the carried interest loophole like Trump promised. In fact, they took the grey area that the loophole thrived in and made it black and white. Rather than manipulate the tax code, hedge fund managers can now point to specific language in the tax bill that allows them to pay a lower tax rate … Continue reading How the GOP Tax Bill Gave Us Double the Carried Interest Loopholes
This time last year, Gov. Dannel Malloy of Connecticut advised deferring to Trump on the elimination of the egregious carried interest loophole. A year later, it appears the Democratic governor is going to have to take a firm stance on how he will either defend or upend the loophole that benefits hedge fund managers as if they themselves were the investors. The carried interest loophole … Continue reading Why Connecticut Should Get Onboard with Closing the Carried Interest Loophole
For the first time ever, closing the carried interest loophole has been added to a state budget. Governor Cuomo of New York revealed this egregious aspect of the tax code is on the chopping block in his Tuesday, January 16 address. The carried interest loophole is “a federal tax that allows some hedge fund managers to pay a lower tax rate on revenue from investments,” … Continue reading Gov. Cuomo’s Proposed Budget Takes First Steps Towards Closing Egregious Loophole
Yesterday evening, Monday August 21, Treasury Secretary Steve Mnuchin made a statement that effectively reversed Donald Trump’s campaign promise to close the carried interest loophole.
I’m an investor, researcher, and the great-grandson of the meatpacker Oscar Mayer. I’m deeply concerned by the extreme inequalities of income, wealth and opportunity that have opened up in U.S. society.
Tuesday the Illinois State Senate took a bold step in fighting inequality by becoming the first state chamber in the country to vote in favor of closing the carried interest loophole.
In a recent Bloomberg article Representative Mike Kelly (R-PA) was quoted saying that he and his colleagues “need to hear from people who are in that business” to get a clearer picture of how to tax carried interest.
You don’t have to be a CPA to understand that the carried interest loophole is unfair to 99.99% of the American population!
Some people think that the American economy will totally fall apart if venture capitalists are required to pay the same income tax rates the rest of the working population.
In this op-ed, legendary venture capitalist and Patriotic Millionaire Alan Patricof calls on his peers in the fund management business to set their self-interests aside.
Consider what Trump himself said last January: “My whole life I’ve been greedy, greedy, greedy. I’ve grabbed all the money I could get, I’m so greedy.”
“We are looking forward to working more closely with the Senate Finance Committee now that Professor Fleischer has become the co-counsel for the Democrats.”
On Thursday, June 23, several of my fellow Patriotic Millionaires and I traveled to Capitol Hill to meet with various elected officials and discuss carried interest.
Consistent on producing terrible, recreations of failed policies, that is. There is nothing creative, new, or substantive in any of his proposals.
We figured if every self-interested corporation, industry group, and billionaire in America has a lobbyist, why shouldn’t regular American citizens? So we signed ourselves up for the job.