Transcript
Raising tax rates on carried interest will damage the U.S. economy and job creation. This bill has been sold to the American people as fixing a narrow tax loophole exploited by private equity and hedge fund managers. However, its affects go much further. This is a tax increase on partnerships and entrepreneurs, plain and simple; and will directly impact the 16 million people that are invested in nearly 2.8 million partnerships here in the United States. A recent study commissioned by the Chamber shows this tax increase will harm small businesses that do not have access to traditional financing. The report also found that it would lower pension benefits and create more volatile investment portfolios, and decrease the value of partnership assets by potentially 300 billion dollars. Partnerships are a fundamental tool used to spur growth in America. This tax increase would create a ripple effect from Main Street to Wall Street, choking a valuable tool for driving our economy and job growth.
--Phillips Hinch
Tax Specialist
U.S. Chamber of Commerce |
