[FoRK] U.S. House Passes AMT Relief, Tax Increase for Fund Managers

Jeff Bone jbone at place.org
Thu Jun 26 06:35:37 PDT 2008


These people are idiots.  As mentioned before, this won't actually  
impact most of the income for most of the folks they're targeting, as  
they're already at that rate for all income from short-term trading.   
The folks most impacted by this will be VCs, private equity guys, and  
long-term e.g. mutual fund managers, and thus the net impact will  
actually be a chilling effect on the overall business climate.

I applaud the attempt to fix AMT.  It needs to be eliminated  
entirely.  And I applaud the stance that any tax modifications should  
not require further borrowing.

It makes me furious that these idiots don't seem to understand that  
the best way to handle the above is to stop spending like drunken  
sailors.

jb

On Jun 26, 2008, at 7:54 AM, Rob Harley wrote:

> From: http://www.bloomberg.com/apps/news?pid=20601103&sid=asD0zUeGyrOk
>
> The House voted to boost taxes for executives of investment funds  
> and many
> other kinds of partnerships [...]
>
> The House voted 233-189 to send the bill to the Senate, where  
> Republicans
> object to a provision that would more than double tax rates for  
> certain
> partners of buyout, real estate, hedge fund, venture capital, and  
> oil and
> gas firms. Republicans have vowed to use procedural techniques to  
> block its
> passage there.
>
> [...]
>
> The House measure would force fund executives to pay ordinary tax  
> rates as
> high as 35 percent on their compensatory share of profits known as  
> ``carried
> interest'' instead of capital gains rates as low as 15 percent.
>
> [...]
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