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The Tax Revenue impact will be a small percentage in terms of the overall bill....something like $14B of the $400B+.

In terms of the impact in the PE world, the GP of the PE funds would lose the tax benefit of carried interest currently being taxed @ cap gain rates vs. the proposed ordinary rates (30%+)...so basically the MDs of PE Shops will be paying 15%+ more in taxes on carry than they normally would.

I don't see managers adjusting strategies to compensate for this.

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