Tag: carried interest

Trump’s populism takes hit from carried interest opponents

The following article by Sylvan Lane was posted on the Hill website December 25, 2017:

© Getty Images

The GOP tax-cut package that swept through the GOP Congress this week fulfilled a key pledge from President Trump, who vowed to cut taxes during his presidential campaign.

But the package failed to eliminate a key deduction used by wealthy investment firms that Trump had vowed to kill, which is already sparking some disappointment and anger from populist supporters of the president.

Ann Coulter, an ally of Trump, slammed the president for the inclusion of the carried interest provision. Continue reading “Trump’s populism takes hit from carried interest opponents”

Trump Promised to Kill Carried Interest. Lobbyists Kept it Alive.

The following article by Alan Rappeport was posted on the New York Times website December 22, 2017:

From right, Gary D. Cohn, director of National Economic Council, and Treasury Secretary Steven Mnuchin with lawmakers in November to discuss tax legislation. Credit Tom Brenner/The New York Times

WASHINGTON — President Trump’s signature on the Republican tax bill marks his most important legislative achievement to date. It also represents the breaking of a signature promise that helped propel his populist presidential campaign.

This week, as senior White House officials acclaimed passage of the tax overhaul in Congress, they also expressed one regret: failing to close the so-called carried interest “loophole” that benefits wealthy hedge fund managers and private equity executives. Despite Mr. Trump’s vows to eliminate a tax rule that allows some rich business leaders to pay lower tax rates than their secretaries, the president in this case was no match for the powerful lobbyists protecting the status quo. Continue reading “Trump Promised to Kill Carried Interest. Lobbyists Kept it Alive.”