Site for Free Markets and Free People

Wednesday, December 09, 2009

House Votes To Triple Taxes on Carried Interest

Pelosi and her Democrat friends in the House voted to change the tax structure on carried interest for the private equity business from capital gains to ordinary income, which would nearly triple the effective tax rate on the industry and cripple the whole concept of carried interest.

Not good for an industry that is already having major problems. But then again, Obama and Pelosi are not known for their business acumen.