(CNBC) Senate Democrats passed a historic package of climate, healthcare and tax provisions on Sunday. But one proposed tweak to the tax code — a modification of so-called carried interest rules — didn’t survive due to objections from Sen. Kyrsten Sinema, D-Ariz., whose support was essential to pass the Inflation Reduction Act in an evenly divided Senate. The bill now heads to the House, which is expected to pass it this week. Many Democrats and opponents refer to the lower tax rate on carried interest as a loophole that allows wealthy private equity, hedge fund and other investment managers to pay a lower tax rate than some of their employees and other American workers.
Carried interest provision is cut from Inflation Reduction Act.
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