Tax loopholes benefiting Wall Street and real estate survive in House plan

If you work in finance or real estate, you’re mighty pleased to see two lucrative loopholes survived in the tax plan released this week by the House Ways and Means Committee. Middle-class New Yorkers hoping for a little relief have less to be happy about, at least for now. Nothing’s over till it’s over, but now that Congress and the Biden administration have something concrete to bargain over, here’s the state of play:

Carried interest 

This is the secret sauce behind the vast wealth of private-equity or hedge-fund managers and why Warren Buffett’s tax rate is lower than his secretary’s

Carried interest is the slice of an investment

→ Continue reading at Crain's New York Business

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