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A group of minority and women executives in private equity, real estate and investment management Wednesday announced a coalition to oppose pending congressional legislation that would hike taxes on investment partnerships leading to backlash amongst bloggers. Beside imposing a "130 percent tax increase" on earnings of all affected partnerships, the Access to Capital Coalition said the legislation would introduce additional hardship for minority- and women- owned investment businesses in gaining and maintaining access to capital. Legislation pending in the House would replace the 15 percent long-term capital gains rate now imposed on carried interest, the earnings shares of investment partnerships and instead subject it to the 35 percent ordinary income tax rate. Similar legislation is being considered in the Senate. Coalition members include the National Association of Investment Companies, which is comprised of many of the nation's largest African American, Hispanic, Asian, and minority women-owned private equity and venture capital firms; the Association of Asian American Investment Managers and Women Entrepreneurs Inc. The group reportedly also received funding from the buyout industry's lobbying arm Private Equity Council, according to Dealbook. PEhub's Dan Primack was swift to condemn what he termed a "racial red herring" going on to say:
He wasn't alone. Jonathan Berr of BloggingStocks wrote:
—Matthew Wurtzel
See
press release from Access to Capital Tags: private+equity, politics
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