Increasing taxes on investment is always a bad idea, and that’s exactly what a new bill in Congress aims to do. Sen. Tammy Baldwin, D-Wis., and Rep. Bill Pascrell Jr., R-N.J., want to increase taxes on investments that support businesses and jobs all across in America.
The Carried Interest Fairness Act of 2019 is simply the regurgitation of a talking point that has been around for more than a decade: Hedge fund billionaires are gaming the system to screw the little guy. This year, we can simply add it to the pile of proposals to further increase taxes on the “rich,” those who already pay the lion’s share of income taxes.
Closing the so-called carried interest loophole means increasing taxes on investment managers, real estate developers, and other investment partnerships.
The overheated rhetoric used by reformers claims the lower tax rate is “one of the most egregious loopholes in the federal tax code.” Like most things in tax policy, they dramatically overstate and oversimplify the issue.
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