Sending Office: Honorable Sander M. Levin
Sent By:
Eddie.Shimkus@mail.house.gov

 

Request for Cosponsor(s)

Cosponsor Legislation to Close the Carried Interest Loophole

The Carried Interest Fairness Act

Dear Colleague:

Please join me as an original cosponsor of legislation to close the egregious carried interest loophole and bring much needed fairness to our tax code.

The carried interest loophole allows certain investment managers to avoid paying income taxes on compensation earned from managing other people’s money.  In exchange for overseeing their investors’ assets, fund managers often take a portion of a fund’s profits,
or a carried interest, usually equal to 20 percent of those profits.  Current law allows them to pay the lower capital gains rate on this income, rather than paying ordinary income rates that all other Americans pay on their earnings from work.

The Carried Interest Fairness Act would change this by taxing carried interest compensation at ordinary income tax rates and treating it as wage income subject to employment taxes.   Allowing hedge fund managers to pay lower tax rates than their secretaries
is indefensible.  Fixing this loophole is an action Congress can take quickly to bring fairness to the tax code and produce over $15 billion in budget savings that can be put towards our national priorities.

Please join me in supporting this important legislation.  To become an original cosponsor, please contact Eddie Shimkus at
eddie.shimkus@mail.house.gov or (202) 225-4961.

Sincerely,

 

Sander M. Levin

Member of Congress

 

Cosponsors Last Congress:  Reps. Alma Adams, Beyer, Blumenauer, Robert Brady, Cicilline, Cohen, Conyers, Courtney, Cummings, DeFazio, DeLauro, DeSaulnier, Ellison, Gabbard, Gallego, Garamendi, Grijalva, Gutierrez, Alcee Hastings, Higgins,
Jackson Lee, Jeffries, Kaptur, Langevin, Barbara Lee, Lofgren, Lowenthal, Sean Patrick Maloney, McCollum, McGovern, Gwen Moore, Nadler, Napolitano, Norton, Pallone, Pascrell, Pocan, David Price, Roybal-Allard, Tim Ryan, Sarbanes, Schakowsky, Bobby Scott, Serrano,
Slaughter, Takano, Tonko, Velazquez, Watson Coleman, Welch, Frederica Wilson

 

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