Levin’s hedge fund tax gains new momentum
(Reuters): The leading tax writer in the U.S. House of Representatives said on Monday his effort to tax hedge fund and private equity managers at ordinary income rates has the best chance in years to become law. Talks between Democratic leaders and the U.S. Senate’s chief tax-writer signal the tax has gained new political momentum as lawmakers hunt for new revenue sources, Sander Levin, (Carl’s older brother), chairman of the House Ways and Means Committee, said at a summit in Washington. Much income earned by hedge fund and private equity managers is now taxed at the capital gains rate of 15 percent. Levin and other backers want to treat that income as ordinary income, to be taxed at 35 percent.
Category: Business
