Private Equity Attys Blast Carried Interest Reform

Law360, New York (October 25, 2011, 5:11 PM EDT) -- President Barack Obama’s plan to raise taxes on private fund managers may carry populist thunder, but lawyers practicing in the private equity world say it could ultimately do more harm than good.

The American Jobs Act seeks to raise $18 billion by targeting carried interest, the hefty share of profits that private equity and hedge funds usually collect. Generally subject to a 15 percent tax rate established for long-term capital gains, carried interest would be hit with the widespread 35 percent corporate income tax rate starting...
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