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Tax Law Roundup current law developments in U.S. taxation

Tag Archives: carried interest

IRS Releases FY 2017 Green Book Revenue Proposals

Posted in General, Legislative

It’s that time of year when the President releases his annual wish list of tax revenue proposals, also known as the “Green Book”.  The 2017 Green Book includes many familiar items such as taxing Carried Interests as ordinary income, capping certain itemized deductions by individuals at a 28% tax rate benefit, and broad-based international tax reform. … Continue Reading

Levin Reintroduces Carried Interest Legislation

Posted in Legislative, Partnership/LLC

Rep. Levin (D-MI) today introduced the Carried Interest Fairness Act of 2012.  According to the Democrat press release, the legislation “would fix the loophole that enables private equity managers to pay reduced income tax rates.”  The bill is proposed to apply to income from partnerships from taxable years ending after the date of enactment or… Continue Reading

Sen. Reid Proposes 5.6% Millionaire Surtax

Posted in General, Legislative

On October 6, Senate Majority Leader Harry Reid (D-Nev) introduced the text of a new 5.6% “millionaire surtax” as a replacement for the original offsets for Obama’s American Jobs Act of 2011.  The surtax would impose a 5.6% surtax on modified adjusted gross income in excess of $1 million for both single filers and married… Continue Reading

Obama Explains How To Pay For The American Jobs Act

Posted in General, Legislative

On September 19, President Obama sent to Congress a detailed plan and a “fact sheet” on how to pay for the American Jobs Act through a series of spending reductions, tax increases, and through increasing funding for the IRS.  The President’s address specifically highlights his plan to raise the taxes on Carried Interest and describes… Continue Reading

American Jobs Act – Carried Interest and Itemized Deduction Limitations

Posted in General, Legislative, Partnership/LLC, Real Estate

On September 12, President Obama released details of the American Jobs Act, including revenue raisers such changing the taxation of Carried Interest and a limitation on itemized deductions for certain individuals.  The Carried Interest proposal is similar in concept to those introduced in prior years in the House and Senate that imposed ordinary income treatment… Continue Reading

Budget Negotiations Take Aim at “Tax Loopholes”

Posted in General, Legislative

The Congressional budget negotiations are heating up under pressure to raise the debt ceiling and “tax loopholes” are under fire.  Congressional leaders are meeting with President Obama on Sunday and items such as Carried Interest and reducing the corporate deduction for stock options could be part of those discussions based on press reports.  In one… Continue Reading

JCT Report Provides Detail on Obama Tax Proposals

Posted in Green, Legislative, REITs, Tax Exempt

  The Joint Committee on Taxation has issued a 600-page report providing significant detail on the Obama 2012 “Greenbook” tax proposals. Also attached are the excerpts relating to: energy efficient building incentives; carried interest; fractions rule simplification; and partial repeal of the REIT preferential dividends rule. The energy efficient building proposal would convert the existing… Continue Reading