A group of House Democrats announced Tuesday that they are reintroducing legislation to end the carried interest tax break that is beneficial for investment managers.
The bill was rolled out by Reps. Bill Pascrell (D-N.J.), Andy Levin (D-Mich.) and Katie Porter (D-Calif.). The lawmakers say that the bill would make the tax code fairer at a time when many Americans are struggling because of the coronavirus pandemic.
“This year, millions of Americans are struggling to survive and are entitled to a fairer tax system,” Pascrell, chairman of the House Ways and Means Oversight Subcommittee, said in a news release. “This loophole has survived too long and we are going to push hard to see that it is finally closed.”
Read more at The Hill.
{Matzav.com}
