Senators Go Beyond Biden to End Private-Equity Tax Break (2)

Aug. 5, 2021, 4:27 PM

Two senior Senate Democrats are proposing to end a prized tax break for the private-equity industry in a new bill that would go further than President Joe Biden’s plan and potentially raise quadruple the revenue.

Senate Finance Committee Chairman Ron Wyden and Rhode Island’s Sheldon Whitehouse, a member of the panel, are introducing legislation Thursday to repeal the break for carried interest, which allows private equity fund managers to pay lower tax rates on their earnings than they would for regular income. The bill would also prohibit them from deferring tax payments on those earnings, another benefit embedded ...

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