Twas The Night Before Christmas, And All Through The Senate…
Date: December 10, 2009
The U.S. House of Representatives has taken the private equity industry one step closer to higher tax rates on carried interest with the passage of the Tax Extenders Act of 2009.
The act would raise tax rates on carried interest earned by investment managers, including private equity and venture capital firms, to ordinary income rates, or around 35%, from a lower capital gains rate of 15%.
The House passed the bill by a vote of 241 to 181, despite some opposition from representatives who said higher taxes could damage an economy that is still suffering.
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Source: Wall Street Journal
