Monday, 30 March 2015
Last updated 7 min ago
Feb 7 2008 | 3:11am ET
An influential Senate Republican said yesterday that a private equity lobbying push “killed” an effort to boost taxes on alternative investments, but he’s not giving up.
Sen. Charles Grassley (R-Iowa), the ranking Republican on the Senate Finance Committee, told a conference that the economic slowdown also helped put the brakes on the plan.
“The economy has deteriorated,” he said. “Right now maybe we don’t want to make Wall Street any more nervous.”
A bill sponsored by Grassley and Sen. Max Baucus (D-Mont.) last year would have more than doubled taxes on publicly-traded private equity firms, as well as other partnerships, and closed a loophole allowing alternative investment executives to avoid paying taxes on offshore income.
Grassley hasn’t given up on the latter provision.
“That’s closing a loophole, that’s not raising taxes,” he said.
“Somebody’s looking at the tax code and saying, ‘Well, you can go offshore here and not pay your taxes,’” Grassley added. “It wasn’t anticipated when the bill was written.”
Much of the bill for the lobbying effort that helped sink the Baucus-Grassley bill was footed by hedge fund giant Citadel Investment Group. According to Senate filings, the Chicago firm paid $150,000 in the second half to the Palmetto Group, a lobbying firm.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
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…