Private Equity And Hedge Fund Barons Having A Hissy Over Carried Interest Grift Because Biden Isn t Staying Bought
Your humble blogger will endeavor unpack the multi-layered kabuki battle brewing over the indefensible and mislabeled carried interest loophole. If you believe the press, Biden is taking aim at it. Since the carried interest abuse had supposedly been an endangered species for at least a decade, yours truly is not about to take the hissing and spitting about its imminent demise seriously until its death really does look, well, imminent.
Please share this article - Go to very top of page, right hand side, for social media buttons.
Income Tax Increases on the Wealthy
The Biden Administration proposes to increase income taxes on the wealthy and provide more resources to the IRS to enhance compliance. The headline increases relate to taxing capital gains and qualified dividends at the top ordinary income tax rates and the elimination of the step up in basis rule.
Increase Top Income Tax Rate. The rate would be increased to 39.6 percent (from 37 percent) for taxpayers within the top 1 percent.
2 Note, the 39.6 percent rate was the top rate in effect prior to the Tax Cuts and Jobs Act of 2017 (TCJA).
Subject Long-Term Capital Gains and Qualified Dividend to Ordinarily Income Tax Rates. The rate applicable to long-term capital gains and qualified dividends would be increased to 39.6 percent for households earning more than $1 million. A long-term capital gain derives from assets that are held longer than a year. A qualified dividend is an ordinary dividend that meets specific criteria to be taxed at the curr
Private Equity and Hedge Fund Barons Having a Hissy Over Carried Interest Grift Because Biden Isn t Staying Bought nakedcapitalism.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from nakedcapitalism.com Daily Mail and Mail on Sunday newspapers.
Making the Top 1% Its Own Tax Class April 27, 2021 7:52am by Barry Ritholtz
Spoiler alert: Forget the 40% capital gains rate its DOA, merely misdirection, designed to distract from the real show. My best deductive reasoning leads me to conclude the administration has decided that the 1% have amassed so much money and power, that they deserve their own (higher) tax bracket.
That is the philosophy behind the new cap gains proposal:
Treat the top 1% as unique, and tax them accordingly.
Allow me to share my thinking about the proposed doubling of the capital gains tax rate to 40%. I am not going to weigh in on whether or not I support it
Further Hong Kong SAR incentives for the asset and wealth management industry internationaltaxreview.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from internationaltaxreview.com Daily Mail and Mail on Sunday newspapers.