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Promising update on the battle over taxing the carried interest
PE Hub is reporting that Mark Heesen, president of the NVCA, believes the proposed tax on carried interest will not pass this year.
“It doesn’t mean that [Senator Max] Baucus [chair of the Senate Committee on Finance] and [Representative Charlie] Rangel [chair of the House Ways and Means Committee] won’t hold exploratory hearings, hoping that in 2011 they can push on tax reform,” says Heesen. “We’ve seen a number of hearings on carry; there could be others. Those building blocks could be put in motion again.”
Still, says Heesen, asking Congress whether it “wants to hit this area of the economy when everything else has been in decline in terms of job creation and technologies that the administration says are important — life sciences, IT, education, healthcare,” appears to have worked — for now.
“We’re not out of the woods, but that argument is winning a lot of converts,” says Heesen.
We’d like to thank all the VCs and entrepreneurs who wrote their senators and congressmen – and ask you to keep your powder dry.
