Tornado Alley (PROG)

[StephanieVanbryce]

Still another happy subgroup of America’s super rich: private equity and hedge fund managers. The top 25 hedge fund managers last year averaged just over $1 billion each, but paid taxes at a 15 percent rate on most of those earnings, mainly because a special loophole lets fund managers treat the bulk of their income as capital gains. This neat trick saves them about $200 million on every $1 billion they make. The Obama White House earlier this year proposed ending this “carried interest” loophole, and the House this past May passed legislation that wipes away most of the carried interest tax break. The tax cut deal the White House announced Monday carries no carried interest reform provision . . .

The Rich List
http://www.absolutereturn-alpha.com/Article/2453645/The-Rich-List.html?ArticleId=2453645

The House this past May passed legislation that wipes away most of the carried interest tax break. The tax cut deal the White House announced Monday carries no carried interest reform provision . . .
http://www.bloomberg.com/news/2010-12-03/tax-boost-for-hedge-fund-executives-dropped-from-bill-by-senate-s-baucus.html