The tax, climate and health care proposal outlined by Democrats this week would close a popular tax loophole used by private equity and hedge fund managers.
Neil Cavuto sits down with billionaire investor Ray Dalio to give an economic outlook on Friday's 'Cavuto: Coast to Coast.'
Manchin, D-W.Va., and Schumer, D-N.Y., proposed repealing the break for carried interest, which allows private equity fund managers to pay lower taxes on their earnings than they would for regular income. Under the loophole, an investment manager's income can be taxed as a capital gain — a 23.8% levy — rather than regular income, which is taxed at 37.9%.
"Over 74% of private equity investment went to small businesses last year," AIC President Drew Maloney said in a statement. "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."and curb pharmaceutical prices, as well as efforts to reduce the nation's $30 trillion debt.
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