Sen Schumer lies about carried interest
Posted in the Utica Forum
#1 May 6, 2014
Robert Lenzner, Contributor
I'm trying to wise up 300 million people about money & finance
INVESTING | 11/16/2012 @ 2:50PM |1,794 views
Sen. Schumer Adamant 15% Tax On Carried Interest Be Raised To 35%
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I just bumped into Democratic Sen. Chuck Schumer in the lobby of the Charles Hotel in Cambridge, Mass. He told me that the tax reform package must include a provision to raise the 15% capital gains rate on the carried interest of hedge funds and private equity groups that became a major campaign issue due to Mitt Romneys ability to pay an average taxof only 14%.
I have voted 3 times to raise the tax on carried interest from 15% to 35% or from capital gains treatment to being taxed as ordinary income, Schumer told me. I am insisting this time that the tax rate apply to all private investment partnerships, not only private equity, but hedge funds and real estate.
Such a reform is being opposed by the billionaire founders deductions at $50,000 private equity firms like Carlyle and Blackstone, as well as hedge funds that have contributed to Schumers campaigns. I have written in the past that this change is important for promoting the principle of equitable treatment to the most wealthy.
Schumer also told me the proposal to cap deductions at $50,000 a year is being opposed vehemently by the real estate industry as well as the charities in New York City. He is by no means sure this plan will ultimately be part of the tax reform package.
Since: May 14
#2 May 6, 2014
Let's see, he's a liberal democrat and you're surprised that he's lying. Hmmm
#3 May 7, 2014
He's not a liberal democrat if he only helps Wall Street and not the middle class.
#4 May 7, 2014
The rich get richer the poor get poorer and the middle class live pay check to pay check. Our congress is bribed by the top 1% to put the tax code into their favor.
What happened to America I'm ashamed to live in this country.
Since: May 14
#5 May 7, 2014
Upstate doesn't exist to him. He knows where his 'bread gets buttered'. Nothing new
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