Even Billionaires Say 'Carried Interest' Break On Romney's Personal Tax Bill is a 'Racket'
from the WSJ: http://blogs.wsj.com/totalreturn/2012/01/20/billionaires-decry-carried-interest/
January 20, 2012, 4:05 PM
Billionaires Decry ‘Carried Interest’
This week New York Mayor Mike Bloomberg, a billionaire who owns Bloomberg LP and who is often reluctant to reveal personal financial information, reiterated his opposition to the benefit. “If it were up to me, I would end the concept of carried interest,” he said. “I don’t have carried interest. . .and I don’t even have a lot of capital gains. It’s all income from the company, taxable as ordinary income.”
He added that he pays the “highest tax rate, state, city and federal,” excluding “the money I give to charity.”
News Corp. Chairman Rupert Murdoch also tweeted his opposition to carried interest, calling it a “racket” that cost “billions over many years.” (News Corp. owns The Wall Street Journal.)
At least twice Congress has come close to raising taxes on carried interest but backed off, and President Barack Obama also has pushed to change the rules (and completely eliminate the tax break as part of his Jobs bill).
read more: http://blogs.wsj.com/totalreturn/2012/01/20/billionaires-decry-carried-interest/
related:
Democrat Suggests Ending Break On Romney 'Investment Income' To Provide For Middle-Class Tax Relief
http://www.democraticunderground.com/1002192658
Romney's Tax Disclosures Provide Perfect Foil for President's Proposals for Tax Fairness
http://www.democraticunderground.com/1002183860