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Obama's 2015 Budget Targets Carried Interest Tax Break

Law360, New York (March 4, 2014, 3:53 PM EST) -- President Barack Obama's proposed 2015 budget released Tuesday calls for eliminating a favored tax break in the private equity industry in order to help pay for expanding the Earned Income Tax Credit for the first time in two decades.

The president's budget proposal would tax carried interest as ordinary income, a change in the tax code that the White House projects would save approximately $13.7 billion over the next 10 fiscal years. The projected tax savings would go toward expanding access to the EITC and doubling...
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