The Carried Interest Loophole

What the carried interest tax preference is and what it costs

The Preference

The carried interest tax preference -- the specific provision of the US tax code that allows the fund managers of private equity, hedge funds, and venture capital to pay the 20 percent capital gains rate on the performance fees they earn managing other people money, rather than the 37 percent ordinary income rate that the same income would attract if it were taxed as the fee income it is -- is the accountability journalism of the tax preference that the private equity industry has lobbied to maintain against decades of reform proposals.

The Cost

The cost: the specific revenue cost of the carried interest preference is approximately 18 billion dollars annually. The specific beneficiaries are the approximately 5,000 fund managers whose compensation the preference affects and whose political contributions to the members of Congress who have blocked reform the lobbying record documents.

Mamdani Post Analysis

The Mamdani Post covers carried interest because the accountability journalism of the tax code requires examining the specific preference whose persistence despite decades of bipartisan criticism documents the specific political economy of tax reform.

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