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July 24, 2008 11:51:43 PM CDT

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Congress Drops Tax Hike for Private Equity

Posted Oct 9, 07 12:39 PM CDT in Politics,  Business 

(Newser) – A proposed tax hike on some of America's wealthiest investors isn't likely to happen this year, as Senate Democrats say they're shelving a bill that would have eliminated the special tax rate enjoyed by private-equity managers. Senate Majority Leader Harry Reid says a crowded legislative calendar makes considering the bill—the object of a massive lobbying effort—impossible, the Washington Post reports.

The bill would have doubled the tax rate for private-equity managers, whose profits are taxed at a 15% capital-gains rate, rather than the 35% rate paid on regular income. Given the hundreds of millions many of them earn, it would have raised $6 billion a year in federal revenue, the Post estimates.

Source Washington Post

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Senate Majority Leader Harry Reid of Nev., takes part in a news conference on Capitol Hill in Washington, Friday, Aug. 3, 2007. (AP Photo/Dennis Cook)   (Associated Press)
Senate Majority Leader Sen. Harry Reid of Nev., listens to a question during a news conference on Capitol Hill in Washignton, Wednesday, Sept. 12, 2007.   (Associated Press)
Traders crowd the floor at the post that handles Blackstone Group LP at the New York Stock Exchange as they wait for the stock to open on the initial public offering, Friday, June 22, 2007. Blackstone...   (Associated Press)
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Congress  • Senate  • Harry Reid  • lobbyists  • Blackstone Group  • Charles Rangel  • private equity firms  • Senate Finance Committee  • buyout firms


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