Obama's Tax Plan Takes Aim At Private Equity 'Loophole'

Law360, New York (February 22, 2012, 11:57 PM EST) -- The Obama administration on Wednesday renewed its push to eliminate the capital gains tax rate for carried interest as part of its broader plan to lower corporate tax rates while eliminating some deductions in a bid to raise more revenue for the government.

Wednesday's proposal, which the administration says is a guideline meant to be a starting point in negotiations with Congress, aims to lower the corporate tax rate from 35 percent to 28 percent while removing various deductions and loopholes.

The move to tax carried...
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