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Write-Offs: 7.14.07 Special Edition: Taxing The Carry

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Senators Max Baucus and Charles Grassley, chairman and ranking member of the Senate Finance Committee, introduced legislation today to raise taxes on private equity firms. And, in the process, they singled out the IPO of the Blackstone Group as raising troubling tax issues.
Senate finance committee makes its move. [Bloomberg] (And here.) [Reuters]
What’s behind the sudden interest in taxing private equity? Hint: It’s spelled M-O-N-E-Y. [Wall Street Journal]
The Blackstone IPO is tax and regulatory arbitrage [Ideoblog]
Vic Fleischer describes the bill as “pretty sensible.” [The Conglomerate]


Tax on Carried Interest Moving Closer to Reality

A new proposal to tax carried interest as ordinary income was just attached to a larger tax and spending bill that could be voted on by the House as early as tomorrow.