The Damage Report
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Kyrsten Sinema CANNOT Stop Ruining Everything
Posted
August 14, 2022
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August 14, 2022
13,524
785
123
6.71%
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3:46Now PlayingArizona Senator, Kyrsten Sinema, continues to ruin everything especially when it comes to protecting Wallstreet. John Iadarola and Francesca Fiorentini break it down on The Damage Report.
Read more here:
Will the Manchin Deal Finally Kill the “CarriedInterest” Loophole?
"If this were a Hollywood franchise movie, we’d be at the stage where the authorities have the scary monster surrounded, and it appears to be in great danger. In Washington, the villain is the carried-interest deduction, a notorious loophole in the U.S. tax code that allows some of the wealthiest people in the country, the managers of private-equity funds and hedge funds, to pay an artificially low tax rate on much of their income. After the surprise agreement on a new reconciliation bill that Chuck Schumer and Joe Manchin reached last week, Democrats may be on the verge of effectively closing the loophole and forcing private-equity tycoons to pay higher taxes—a step that reformers have been demanding for many years.
In recent decades, private-equity financiers such as Steve Schwarzman and Henry Kravis have benefitted greatly from the carried-interest deduction. The titans of private equity typically buy and sell companies using borrowed money and cash invested by their clients. They then charge investors in their funds an annual management fee of two per cent, and also pocket about twenty per cent of any profits that the funds generate. The current tax system allows them to classify much of their fee income as capital gains for tax purposes, even though it was their clients who risked their capital. Instead of paying the top federal income-tax rate of thirty-seven per cent on this money, they pay the capital-gains rate of twenty per cent. That’s sweet."
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