hurricanemaxi
Joined: 08 Sep 2011
Posts: 66
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 Posted: Tue Sep 13, 2011 5:54 pm Post subject: Obama Proposes Tax Increases on Bonds, Carried Interest for |
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President Barack Obama asked lawmakers to again consider increasing taxes for high earners, private equity managers and oil and gas companies to pay for his $447 billion job-creation package.
The bill Obama sent to Capitol Hill yesterday included previously proposed revenue-raising provisions, such as a cap on deductions for upper-income taxpayers, which have failed to advance in Congress in recent years. The administration also proposed new ideas, such as curbing the amount of interest from municipal bonds that top earners could exclude from their income.
Obama also wants to raise $18 billion by taxing the carried interest, or profits-based compensation, of private equity managers, real estate investors and venture capitalists as ordinary income, instead of more lightly taxed capital gains. That would affect companies including Blackstone Group LP (BX) and KKR & Co. LP.
Release of the plan sets the stage for a political fight with Republicans in Congress that will frame Obama’s strategy for a re-election campaign next year. In remarks yesterday to a forum of majority African-American community organizations, faith groups and college students, Obama sought to enlist his supporters behind the jobs proposal. Interactive One digital network was a co-host of the gathering.
“I want you guys to pump this up,” Obama told the group at the White House. “I need people to be out there promoting this and pushing this and making sure that everybody understands the details of what this would mean, so that one of two things happen: Either Congress gets it done, or if Congress doesn’t get it done, people know exactly what’s holding it up and we’re able to continue to apply pressure.”
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