Sunday, 28 December 2014
Last updated 5 hours ago
Sep 13 2011 | 1:48pm ET
President Barack Obama formally sent his proposed jobs-creation bill to Congress yesterday, one that would close the carried interest loophole and more than double the amount that hedge fund and private equity managers would pay on some of their income.
The president's plan would cost $447 billion, which would be used to cut the payroll tax and to pay for infrastructure programs. Obama would pay for it by raising taxes on the wealthiest Americans.
Among the key provisions is a plan to raise $18 billion by taxing alternative investment managers' performance fees as earned income, rather than capital gains. The former top tax rate is more than twice as high as the latter.
Obama has indicated that he would be willing to take his plan in pieces, with, for example, the payroll tax cut coming first. He may have to, as senior Republicans in Congress have indicated that the president's plans to raise revenues are all-but dead on arrival.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.