Statement From Americans For Tax Fairness On The Reintroduction Of The Carried Interest Fairness Act

April 10, 2024

Americans for Tax Fairness applauds Senator Baldwin’s reintroduction of the Carried Interest Fairness Act, which would raise $14 billion over the next decade by ending an indefensible tax giveaway for private equity and hedge-fund managers. While hard working men and women across our country pay their fair share of taxes, these Wall Street elites are allowed to mischaracterize their management fees as investment income in order to enjoy significantly reduced tax rates. 

“The carried interest loophole is one of the clearest examples of how the wealthiest rig the tax code in their favor,” said David Kass, executive director Americans for Tax Fairness. “Rich fund managers should not be allowed to pay a lower federal tax rate than registered nurses or powerline workers. Ending this loophole is a common sense win for tax fairness.”

A recent analysis of U.S. billionaires conducted by Americans for Tax Fairness found that 45 private equity billionaires hold a collective $210 billion in personal wealth, up a whopping 275% since the enactment of the Trump-GOP tax law in 2017.