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H.R. 2834, To amend the Internal Revenue Code of 1986 to treat income received by partners for performing investment management services as ordinary income received for the performance of services
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JIM ALDENDIFER
A just tax system should be fair to all citizens and not favor certain groups, especially those groups at the higher end of the income scale. When income is derived from investment returns where one's personal capital is at risk, then let that income be taxed at the current capital gains rates. On the other hand, where one's income is derived from the capital of others (i.e. 'carried interest'), and there is no personal risk of loss, let that income be taxed as ordinary income. I understand Warren Buffett agrees with this stance.
Robert
This bill is not well thought out at all. I totally understand the need to tax carried interest for private equity and even venture capitalists, since they have NO SWEAT equity, but this bill will also tax real estate developers/builders. That makes absolutely no sense. All it will do is turn the current equity model into a debt model. In other words, real estate developers will just take on loans instead of investors, so that they'll be a sole proprietorship and hence be able to claim capital gains. So taxes won't go up, but the whole model goes sideways.
Law makers need to understand the ripple effect this change will make. It is not straight forward like they are proposing.