GFS News – Large corporations and hedge funds in the US face an end to lucrative tax loopholes after President Barack Obama unveiled a new $450bn(€326bn) package aimed at boosting employment.
The American Jobs Act, if passed by Congress, could recoup as much as $20bn (€14.5bn) over the next decade from closing down tax saving routes for hedge fund managers. Large corporations could also be hit by changes to the tax code, which seeks to end hedge fund managers paying just 15 per cent on income tax through a carried interest capital gains loophole.
