Those that favor taxing the carry of hedge funds and private equity funds as income not capital gains got something of a boost recently: Robert Rubin, former Treasury secretary and chairman of the executive committee at Citigroup, has made a case for the change. At a tax-reform conference, he was asked about the issue. He basically said that it seems like alternative investment funds perform a service. They manage other people's money, and that fees for such services ought to be considered income. He also noted, according to The New York Times, that the issue ought to be thoughtfully considered by lawmakers. As of now, it does not appear that the political capital is sufficient to ram through such a change. But the groundwork perhaps is being laid.
Our take on this news: Could the Democrats be anymore anti-growth than this? We don't think so.
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