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Internal Revenue Service

Why the rich are happy to give up the carried interest loophole: They get to keep a bigger loophole

Why the rich are happy to give up the carried interest loophole: They get to keep a bigger loophole

Another super-wealthy investor came out the other day in favor of killing the notorious carried interest tax loophole.

The latest public-spirited one-percenter is Alan Patricof, a pioneering venture investor. “Close My Tax Loophole,” he pleaded last week in a New York Times op-ed. The loophole, as he explained, allows investment fund managers to treat much of the income they collect from profitable investments in their funds as capital gains. That’s a big break from treating it as ordinary income. The top tax rate on income is 39.6%; the top rate on capital gains...

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