Manchin, Other Democrats Back Eliminating Carried Interest
(Bloomberg) -- Three Senate Democrats, including key moderate Joe Manchin, expressed support for the Biden administration’s proposal to end a long-standing tax break beloved by Wall Street.
Senators Tammy Baldwin of Wisconsin and Sherrod Brown of Ohio joined with West Virginia’s Manchin to introduce legislation that would end the carried interest tax breaks used by private equity money managers and others to lower their tax bills. President Joe Biden proposed to eliminate the tax preference to help fund his $1.8 trillion social-spending focused American Families Plan released last month.
“The carried interest loophole is yet another example of Wall Street executives exploiting our tax code to pad their pockets rather than invest in workers and Main Street,” Brown, chair of the Senate Banking Committee, said in a joint statement by the trio on their legislation.
The bill would require that carried interest profits -- which under current law can be taxed as low as 20% -- be subject to the same tax rates as other income. Under Biden’s proposal, the top income tax rate would climb to 39.6% from the current 37%.
https://www.msn.com/en-us/news/politics/manchin-other-democrats-back-eliminating-carried-interest/ar-BB1gEyOE
= new reply since forum marked as read
