It wouldn't be so bad, maybe, if it weren't so freakishly hot outside. Reid's spokesman said the Senate Finance Committee has held three hearings on the subject at which "a number of issues have been raised regarding how a change in the tax treatment of private equity firms might affect the broader economy."ĭecking The Halls, Without Uttering The "H" Word treasury every year.īut it looks like even if it passes the House, it will likely die in the Senate. Rough estimates suggest it could put an extra $6 billion in the U.S. Some of these guys (and yes, they're mostly guys) make hundreds of millions of dollars a year, but because it's classified as capital gains, they're only taxed at 15 percent rate rather than the 35 percent top rate paid on regular income.Ī leading legislative proposal, which originated in the House, would tax this so-called "carried interest" profit as regular income. "Rather that citing the lobbying push," the paper notes with a smirk, "Reid implied that the reason had to do with the lack of time on the jammed Senate schedule."ĭemocrats have been pushing to raise taxes on the massive earnings of private-equity managers after some of the firms started to go public last spring, and in so doing revealed the nausea-inducing numbers on their paychecks. Senate Majority Leader Harry Reid, D-Nev., has told private-equity firms in recent weeks that a tax-hike proposal they've spent millions to defeat will not get through the Senate this year, according to executives and lobbyists who spoke to the paper. To squelch talk of raising taxes on private equity firms, and the Washington Post reports today that it seems to have worked. They were paid an unprecedented sum - $5.5 million so far this year. Lawmakers Too "Busy" To Tax Private-Equity Firms
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