The 'carried interest loophole' allows hedge fund managers to tax their income at a lower rate than an ordinary salary. The provision is unpopular — yet it has survived many attempts to eliminate it:
Sen. Joe Manchin, Democrat of West Virginia, speaks to reporters about the compromise bill that could substantially alter a tax provision called the"carried interest loophole." for climate change and health care is an effort, years in the making, to close what Democrats say is a loophole that benefits a handful of the richest Americans: the carried interest tax.
The legislative compromise, reached last week by Senate Majority Leader Chuck Schumer and West Virginia Democrat Joe Manchin, could representAbout $14 billion meant to fund those efforts would come, Democrats say, from a change to the way the U.S. taxes what is calleda major way that many fund managers and private equity investors earn their compensation.
But it has long been controversial because this kind of income is currently taxed at a much lower rate than the salary most Americans earn from ordinary jobs. The long-standing provision has survived repeated attempts and promises to eliminate it, from Democrats and Republicans alike. "There's a lot of money at stake.
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