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Private equity, hedge funds object to U.S. carried-interest tax hike proposal

Friday, July 29, 2022
Private equity, hedge funds object to U.S. carried-interest tax hike proposal © Reuters. FILE PHOTO: A Wall Street sign outside the New York Stock Exchange in New York City, New York, U.S., October 2, 2020. REUTERS/Carlo Allegri

NEW YORK (Reuters) - Private equity and hedge funds cautioned on Thursday that a proposed U.S. tax increase on carried-interest income could potentially hurt small businesses and big investors, such as endowments, foundations and pension funds.

Carried interest refers to a longstanding Wall Street tax break that let many private equity and hedge fund financiers pay the lower capital gains tax rate on much of their income, instead of the higher income tax rate paid by wage-earners.

A change in the tax rule, which has been discussed for over a decade, would raise $14 billion, according to senators.

"Over 74% of private equity investment went to small businesses last year. As small business owners face rising costs and our economy faces serious headwinds, Washington should not move forward with a new tax on the private capital that is helping local employers survive and grow," Drew Maloney, president and chief executive of the American Investment Council.

The Managed Funds Association (MFA) said pension funds, endowments and foundations' $1.5 trillion investments in hedge funds and other alternative asset managers help them achieve better performance.

"It is crucial Congress avoids proposals that harm the ability of pensions, foundations, and endowments to benefit from high value, long-term investments that create opportunity for millions of Americans," said Bryan Corbett, MFA president and CEO.

A potential tax hike would mainly affect private equity and hedge fund managers compensation, which is largely tied to the performance of the funds.

The carried-interest tax hike is part of the Democrats' broad proposals to increase taxes on corporations and wealthy individuals to finance new spending on energy, electric vehicle tax credits and health insurance investments.

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16-08-2022 21:07:07 (UTC+7)

EUR/USD

1.0167

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EUR/USD

1.0167

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134.49

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 EUR/USD1.0167Sell
 GBP/USD1.2084Neutral
 USD/JPY134.49Neutral
 AUD/USD0.7016↑ Sell
 USD/CAD1.2869↑ Sell
 EUR/JPY136.77Neutral
 EUR/CHF0.9662↑ Buy
 Gold1,791.80↑ Buy
 Silver20.122↑ Buy
 Copper3.6315Neutral
 Crude Oil WTI90.22↑ Buy
 Brent Oil95.60↑ Buy
 Natural Gas9.236Sell
 US Coffee C222.18↑ Sell
 Euro Stoxx 503,789.25Sell
 S&P 5004,288.78↑ Sell
 DAX13,838.75Neutral
 FTSE 1007,544.15↑ Sell
 Hang Seng19,830.52↑ Buy
 Small Cap 20002,005.60↑ Sell
 IBEX 358,507.89↑ Buy
 BASF44.270↑ Sell
 Bayer53.85↑ Sell
 Allianz179.45Buy
 Adidas171.22Neutral
 Lufthansa6.704↑ Sell
 Siemens AG111.55↑ Buy
 Deutsche Bank AG8.992Neutral
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Ngoại tệMua vàoBán ra
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Cập nhật lúc 18:54:08 16/08/2022
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