Republicans Refuse to Close Carried Interest Loophole

Nov 8, 2017

WASHINGTON, D.C. – Rep. Sander Levin (D-MI) today introduced an amendment to the Republican tax bill (H.R. 1) that would end the carried interest loophole.

“This loophole is grossly unfair to regular Americans who provide services and pay taxes at regular individual rates, while wealthy fund managers servicing the investments of monies not their own can pay a lower rate. The President has promised time and again to repeal this loophole. If Republicans can’t step up to the plate on this, what loopholes are they willing to step up to the plate on?” said Rep. Levin. “On Monday, Chairman Brady offered an amendment at the last minute that was a fig leaf that instead of closing the loophole would validate it."

Rep. Levin’s amendment was defeated in Committee by a vote of 16-24.