Another super-wealthy investor came out the other day in favor of killing the notorious carried interest tax loophole. The latest public-spirited one-percenter is Alan Patricof, a pioneering venture investor. “Close My Tax Loophole,” he pleaded last week in a New York Times op-ed. The loophole,...
New York Times op-ed: Close My Tax Loophole, by Alan J. Patricof (Co-founder & Managing Director, Greycroft): My fellow venture capitalists and private equity investors are paying close attention to the heated election-year rhetoric about the future of “carried interest,” which is the performance fee we charge to manage other...
When the American economy is stuck in a rut, how do we get it moving again? We know the route to recovery: Cutting tax rates, closing loopholes, and broadening the base to encourage working and saving, building businesses and creating jobs. I've seen such strategy work before, and I know we can do it again. Show More Summary
New rules for valuation discounts will mean increased estate taxes for family business owners.
The Obama administration has made considerable progress over the past eight years to make our tax code fairer. This week, the Treasury Department is building on that progress through proposed new rules closing a loophole that allows some wealthy families to avoid paying their fair share in estate taxes. Show More Summary
In the aftermath of the Great Recession of 2008, amid the destruction of businesses, lives and trust, many clamored for accountability. People wanted trials, convictions, the closing of tax loopholes, and a broad repudiation of bankers being above the law. Nearly a decade after Lehman Brothers declared bankruptcy and the financial crisis unraveled, those calls have […]
New York Times Deal Book: The Carried Interest Loophole? What Loophole?, by Steven B. Klinsky (Founder & CEO, New Mountain Capital): Many politicians want to close the carried interest tax loophole for private equity managers. The only problem is, no such loophole exists.... Carried interest is just another term...
Many politicians want to close the carried interest tax loophole for private equity managers. The only problem is, no such loophole exists, Steven B. Klinsky writes.
New ATF rules include transfer tax relief when a gun owner dies.
A group of self-proclaimed “patriotic millionaires” wants to close a loophole that allows private-equity partners to pay lower taxes on investment profit. Clinton and Trump both back the idea, too. Though efforts in Congress have failed for years, fresh momentum is building.
Democrat Hillary Clinton said on Wednesday that if the U.S. Congress does not act to close tax loopholes that benefit the wealthy and corporations, she will ask the Treasury Department to take up the issue if she is elected to the White House. “Let’s make sure that Wall Street,...
If you were around in the 1970s, you might remember Jim Rockford, the TV sleuth who lived in a trailer on the parking lot in Paradise Cove, with arguably the best view in Malibu. No next-door neighbors, just Rockford (played by the late James Garner), the rundown trailer and the beach. Rockford...
This is certainly an interesting assertion: In one deft move, Mr. Obama could instruct officials at his Treasury Department to close the so-called carried interest tax loophole that allows managers of private equity and hedge funds to pay a substantially lower federal tax rate on much of their income. Forcing these managers to pay ordinary […]
Paul Krugman complains that the media have not exposed the inconsistencies in Paul Ryan's budgets. While there is some truth to that (Ryan never identifies any of the loopholes he would close to cover the cost of lower tax rates), it...Show More Summary
Trevor Crowley (J.D. 2015, BYU), Finishing the Job on Section 356(a)(2): Closing Loopholes and Providing Consistent Treatment to Boot in Tax-Free Reorganizations, 2015 BYU L. Rev. 471 Willis Krumholz (J.D. 2015, St. Thomas), Student Article, General Electric's Tax Liability: The Case for Corporate Tax Reform, 8 U. St. Thomas J.L....
British prime minister under fire for exploiting tax loopholes he himself pledged to close; massive data leak implications spread
Hundreds of protesters descended on the spring conference of British Prime Minister David Cameron’s Conservative Party on Saturday, calling on him to close “tax loopholes” or resign. A crowd of several hundred set off from the primeShow More Summary
On April 4, the Treasury Department took action to limit “corporate inversions” – transactions in which U.S. companies move their tax residence overseas to avoid U.S. taxes. President Obama, who has highlighted the need to close the inversions loophole for years, applauded the action and called on Congress to close the inversions loophole for good. Show More Summary
Sometimes legislation requires ingenuity, foresight and critical thinking. In other cases it's just obvious. A bill that one of us, Sen. Klein, has just introduced to close the carried-interest tax... To view the full story, click the title link.
President Obama and the Treasury Department moved this week to close a tax loophole popular with larger companies. That could end up helping you in the long run.