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B-CR-TEO
IRS to Ban Hedge-Fund Tax Dodge
on Carried Interest

Bloomberg, by Miles Weiss

Original Article

Posted By:MattMusson, 2/14/2018 1:49:23 PM

Treasury Secretary Steven Mnuchin said the Internal Revenue Service plans on closing a loophole that hedge-fund managers had been trying to exploit to avoid paying higher taxes on carried-interest profits. Mnuchin told the Senate Finance Committee that a Bloomberg News story Wednesday, which detailed how hedge funds created scores of shell companies to work around the new carried-profit rules, prompted him to instruct administration officials to issue guidance on the subject within two weeks.

Comments:
Trump said in the campaign he would eliminate this Tax Dodge. Now he is! Winning.

      


Post Reply  

Reply 1 - Posted by: lazlototh, 2/14/2018 3:35:25 PM     (No. 11543828)

It was a fairly sloppy piece of drafting in the new tax law that allowed this workaround. When I read it I hoped that the Treasury would have the authority to issue clarifying regulations and apparently it believes it does.

Look at what carried interest is and it is more like ordinary income than like capital gains so once we agree on what an appropriate tax rate is for ordinary income it is fair to tax carried interest as ordinary income.

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