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Beware Congressmen Carrying Carried Interest Bills

Dan Primack had a dismaying, if unsurprising, discovery Monday when speaking with Rep. Sandy Levin (D-MI) about his sponsorship of a bill that would cause carried interest at VC and PE firms to be taxed as ordinary income.

I asked Levin to respond to the most persuasive counter-argument against his bill – the one about how carried interest should be treated like founders’ equity (i.e., as capital gains). But Levin didn’t have an answer. Even worse, he did not seem to understand the question – even though I repeated it using varying language no less than four times. At one point, his spokeswoman had to break in and try to explain it to him.

Ouch.

[via PE Hub]]
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