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Majia's Blog

Monday, February 25, 2013

How Finance Avoids Paying the Same Taxes Everyone Else Does

  

A Costly and Unjust Perk for Financiers By LYNN FORESTER de ROTHSCHILD Published: February 24, 2013 http://www.nytimes.com/2013/02/25/opinion/carried-interest-an-unjust-privilege-for-financiers.html?nl=todaysheadlines&emc=edit_th_20130225&_r=0

OF the many injustices that permeate America’s byzantine tax code, few are as outrageous as the tax rate on “carried interest” — the profits made by private equity and hedge fund managers, as well as venture capitalists and partners in real estate investment trusts....

While the tax legislation passed on Jan. 1 increased the top individual-income tax rate to 39.6 percent from 35 percent for couples making more than $450,000 and individuals making more than $400,000, it left carried-interest income taxed at just 20 percent....

Majia here. the article explains that there are:

More than 1,400 private equity and venture capital funds managing more than $1 trillion in 'limited-partnership equity investments' earning more than $18 billion a year that is taxed as carried interest

Additionally, there are 8000-9000 hedge funds which also generate about $18 billion in carried-interest income, taxed at only 20% 

"The difference in revenue to the United States government when this combined income is taxed at 20 percent rather than at 39.6 percent is about $11 billion annually...."

 
By Majia's Blog at February 25, 2013
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Majia's Blog
I am a Professor at a large public university. I study political economy and biopolitics (the politics of life). My interests are diverse but are broadly concerned with economic, social and environmental justice.
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