• It’s really, really, time to get rid of the rather ridiculous carried interest tax loophole used/abused by private equity. If the Senate can manage to pass the Inflation Reduction Act, it’s at least a start. Farhad Manjoo discusses in the NYT, and he includes this priceless quote from Tim Murphy:
“Despite widespread opposition, though, the tax break has somehow endured — as Tim Murphy wrote recently in Mother Jones, it has been “the most unkillable bad idea in a town with no shortage of them, a testament to the unstoppable combination of money and inertia.” (Murphy’s piece was part of an excellent, multipart investigation of the private equity industry published by the magazine.)”
Update: Bummer, Sinema strikes again and the loophole lives on. But at least the Inflation Reduction Act has made it through Congress (with no help from Republicans). From PBS via AP:
“Sen. Kyrsten Sinema, the Arizona Democrat who single-handedly thwarted her party’s longtime goal of raising taxes on wealthy investors, received nearly $1 million over the past year from private equity professionals, hedge fund managers and venture capitalists whose taxes would have increased under the plan.”