“A tax code that lets hedge fund and private equity managers making hundreds of millions a year pay taxes at a lower rate than their secretaries is wrong,” stated former Senator and presidential candidate John Edwards (D-N.C.).
This was back in 2007 during a political push to increase the income tax rate on “carried interests” (explained further below) from a capital gain rate of 15 percent to ordinary income tax rate of a maximum 35 percent. The increased rate would have applied to the entire carried interest, including any portion that represented long-term capital gains of the fund.
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