Thursday, 26 November 2015
Last updated 1 day ago
Mar 5 2010 | 2:51pm ET
If hedge fund and private equity executives thought they’d caught a break with the departure of Rep. Charles Rangel (D-N.Y.) from the helm of the House of Representatives’ tax-writing committee, think again.
Rep. Sander Levin (D-Mich.) has proven no less amenable to closing the so-called “carried-interest” loophole, which could cost alternative investment managers billions than his predecessor. In fact, Levin is a sponsor of the current bill seeking to more than double the taxes paid by many hedge fund managers.
Under Levin’s bill, carried-interest—a managers’ share of his or her fund’s profits—would be taxed as ordinary income, rather than capital gains. That would push the top rate on that money from 15% to 35%.
“This is a basic issue of fairness,” the Levin, the older brother of Sen. Carl Levin (D-Mich.), said in January. “If you put your own money at risk, you get taxed at the capital gains rate. If you put other peoples’ money at risk, your profit should be taxed as ordinary income.”
Rangel stepped down from his post as head of the powerful House Ways and Means Committee temporarily as the House Ethics Committee investigates potential fundraising and personal finance violations.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…