The legendary investor Cliff Asness joked Twitter last week that he wanted to “come back as a private equity lobbyist” after his death. He marveled at the PE industry’s ability to thwart Democrats’ attempt to limit the tax benefits of carried interest.
The latest Houdini act came last week when Sen. Kyrsten Sinema managed to bounce off the carried-interest provision of the Schumer-Manchin Tax and Drug Price Control Act. Sen. Joe Manchin had insisted the provision was central to his support of the bill, even though it would raise just $14 billion over 10 years.
https://www.wsj.com/articles/the-houdinis-of-carried-interest-schumer-sinema-manchin-private-equity-loophole-capital-gain-political-charade-11659895350 The Houdinis of Carried Interest