Carried Interest Tax Break Targeted in Bill Revived by Democrats (1)

Senate Democrats on Wednesday reintroduced legislation to end the carried interest tax break that benefits investment fund managers, furthering their push to take aim at tax avoidance by the wealthy.

“Closing the carried interest loophole is a no-brainer as Congress works to restore fairness to the tax code and ensure ultra-wealthy Americans finally start paying their fair share,” Senate Finance Committee Chair Ron Wyden (D-Ore.) said in a statement.

The bill calls for doing away with the carried interest tax break to prevent wealthy private equity managers and venture capitalists from paying the lower capital gains rate on one of ...