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Manchin, Other Democrats Back Eliminating Carried Interest (1)

May 12, 2021, 8:42 PM

Three Senate Democrats, including key moderate Joe Manchin, expressed support for the Biden administration’s proposal to end a long-standing tax break beloved by Wall Street.

Senators Tammy Baldwin of Wisconsin and Sherrod Brown of Ohio joined with West Virginia’s Manchin to introduce legislation that would end the carried interest tax breaks used by private equity money managers and others to lower their tax bills. President Joe Biden proposed to eliminate the tax preference to help fund his $1.8 trillion social-spending focused American Families Plan released last month.

Joe Manchin
Photographer: Andrew Harrer/Bloomberg

“The carried interest loophole is yet another example of Wall Street ...

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