New Yorker to Washington: Please Do Away with PE Tax Breaks?
For the Financial Page in this week’s New Yorker magazine, columnist James Surowiecki concernedly explores the “lucrative loophole in the I.R.S. code” that taxes investors’ carried interest as capital gains rather than ordinary income. The “persistence” of the code “is most important not for what it says about Wall Street but what it says about Washington,” he writes. Those interested in its preservation can afford to lobby Congress, and in fact, Surowiecki posits, if you work in private equity, “it’s possible that nothing the government does matters more than keeping this tax break intact.”
8 March 2010•2 mins read
