Sunday, 24 May 2015
Last updated 1 day ago
Oct 1 2010 | 3:36am ET
Its obituary has been written many times, only for the proposed tax increase on performance fees earned by alternative investment fund managers to rise from the dead. But, for the time being, another obituary is in order.
Lawmakers yesterday left Washington, D.C., without passing a provision that would close the so-called “carried interest” loophole. Under said loophole, hedge and private equity fund managers pay only the capital gains rate on their share of their funds’ profits, rather than the ordinary income rate, which is more than twice as high.
Democrats have sought to pass the measure for several years, and Treasury Secretary Timothy Geithner threw his weight behind the proposal earlier this year. But despite concessions made in the Senate version of the bill, Republicans held fast against it, killing it once again.
It is considered unlikely that Congressional leaders would seek to force the tax hike through after November’s election, when Republicans are expected to make broad gains.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…