Tag Archives: Carried Interest

The Inflation Reduction Act is a very, very big deal

On Sunday, Senate Democrats voted to pass one of the most significant climate, healthcare, and tax reform packages this country has seen in decades: the Inflation Reduction Act of 2022 (IRA). This bill now awaits a vote in the House (where it is extremely likely to pass) before it moves to President Biden’s desk to be signed into law. The passage of the IRA is cause for … Continue reading The Inflation Reduction Act is a very, very big deal »

Sinema’s Defense of Carried Interest is Indefensible

After endless negotiations to get Senator Joe Manchin on board with a compromised reconciliation package, the Inflation Reduction Act is now in peril thanks to Arizona Senator (and notorious corporate shill) Kyrsten Sinema. As Democrats scramble to finalize details of the bill, reports indicate that Sinema is demanding Democrats strip provisions that would limit the scope of the carried interest loophole, which allows wealthy private … Continue reading Sinema’s Defense of Carried Interest is Indefensible »

Can Democrats finally rally behind the Inflation Reduction Act?

After over a year of dead ends, false starts, and frustrating negotiations, it looks like Democrats may finally be close to passing a reconciliation bill. Last week, Senate Majority Leader Chuck Schumer and Senator Joe Manchin reached an agreement on a new reconciliation package, the Inflation Reduction Act of 2022, a shocking development considering that Manchin publicly voiced his opposition to such a package just two weeks ago. … Continue reading Can Democrats finally rally behind the Inflation Reduction Act? »

Patriotic Millionaires Target Senator Sinema With Pressure Campaign

Who does Senator Kyrsten Sinema work for: Arizonans or private equity billionaires? That’s the question that should be on all of her constituents’ minds as Senator Sinema stands in the way of the much-needed tax reform in President Biden’s Build Back Better agenda, and it’s the question that the Patriotic Millionaires are asking in a new pressure campaign we launched in Arizona today. Every single … Continue reading Patriotic Millionaires Target Senator Sinema With Pressure Campaign »

Neal’s Tax Plan Has Billionaires Popping Champagne

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 »

The Lies in The Chamber of Commerce’s Carried Interest Report

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 »

Year In Review: 2019

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 Are You Removing the Carried Interest Loophole, Mr. President?

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? »

Private Equity Firms Don’t Deserve a Tax Cut

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 »

How the GOP Tax Bill Gave Us Double the Carried Interest Loopholes

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 »

Why Connecticut Should Get Onboard with Closing the Carried Interest Loophole

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 »

Gov. Cuomo’s Proposed Budget Takes First Steps Towards Closing Egregious 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 »