The AFL-CIO on Carried Interest

http://www.futureofcapitalism.com/2010/04/the-afl-cio-on-carried-interest

We've been closely following the push to raise taxes on "carried interest." See here, here, and here. Now Politico reports that the president of the AFL-CIO, Richard Trumka, is getting in on the action:

AFL-CIO President Richard L. Trumka, who was a third-generation coal miner before going into labor leadership, tells POLITICO that more than 10,000 union supporters will "march on Wall Street" on April 29 in support of a financial-transactions tax, and higher taxes on private-equity and hedge funds.

Ironically for Mr. Trumka, what one thinks of as "Wall Street" -- the big investment banks -- actually would not mind this tax increase, because it would hurt the funds that compete with them for talent and capital. Maybe Mr. Trumka ought to march on Silicon Valley, where venture capital managers would also be affected by this change in the law. But "Wall Street" is unpopular, while Silicon Valley is seen as the heart of American entrepreneurial innovation.

by Ira Stoll  |  Apr 9, 2010 at 8:29 am Related Topics:  Taxes receive the latest by email: subscribe to the free futureofcapitalism.com mailing list