The legendary investor Cliff Asness quipped on Twitter final week that when he dies he needs to “come again as a personal fairness lobbyist.” He was marveling on the PE business’s capability to defeat the try by Democrats to restrict the tax benefits of carried curiosity.
The newest Houdini act got here final week when Sen. Kyrsten Sinema succeeded in bouncing the carried-interest provision from the Schumer-Manchin tax and drug price-control invoice. Sen. Joe Manchin had insisted the availability was central to his assist for the invoice, although it could increase solely $14 billion over 10 years.
