Sunday, 28 December 2014
Last updated 3 days ago
Jul 12 2007 | 12:44pm ET
The Bush administration has come out against raising taxes on private equity firms, hedge funds and their managers, warning that it could undermine “entrepreneurship.”
At yesterday’s Senate Finance Committee hearing on the issue, Eric Solomon, assistant Treasury secretary for tax policy, urged Congress to “be cautious about making significant changes” to partnership and capital gains tax rules that have “worked successfully to promote and support entrepreneurship for many decades.”
The panel’s top-ranking Democrat and Republican, Sens. Max Baucus (D-Mont.) and Charles Grassley (R-Iowa) are co-sponsoring legislation that would more than double the tax rate on certain partnerships—like p.e. firms—that go public. Meanwhile, in the House of Representatives, Democrats are pushing a bill that would do the same to “carried interest,” investment gains made by fund managers.
Still, the prospects for success did not look good at the hearing, with three key Democrats—Sens. John Kerry (D-Mass.), Ron Wyden (D-Ore.) and Charles Schumer (D-N.Y.)—expressing reservations, and many committee Republicans publicly opposing the measure.
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.