The new version of the Biden administration’s “Build Back Better” bill now backed by Joe Manchin has targeted so-called “carried interest” for private equity firms. Although routinely portrayed in the press, and by Democrats, as a preferential tax “loophole” to help the rich, private equity “carry” is not a loophole and never has been.
Although Chuck Schumer is the driving force in the Senate behind the punitive proposal, the tax plan especially hurts Schumer’s home state of New York and similar states. It would raise long term capital gain taxes for PE professionals who live and pay taxes in…
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