House Stands Up For Working People, Deals Blow to Buyout Industry

by Andrew McDonald on June 27, 2008

WASHINGTON, D.C. — In a rebuke to corporate buyout CEOs and their army of Washington lobbyists, the U.S. House of Representatives voted today to close a tax loophole that allows billionaire private equity managers to pay a lower tax rate than many middle-class Americans such as nurses or firefighters. The House voted to pass a tax fairness bill sponsored by U.S. Rep. Charles Rangel to protect 22- 25 million families from paying the Alternative Minimum Tax (AMT). The bill is paid for in part by closing the “carried interest” loophole.

SEIU Secretary Treasurer Anna Burger said, “Today’s vote was a clear rebuke of the buyout industry. No matter how many lobbyists they hire, special tax loopholes for billionaires are indefensible, especially when middle class Americans are hurting. America is hungry for changes to the tax system that reward the hard work of regular people – not the wealth of buyout CEOs. Now we urge the Senate to stand up to the lobbyists and end the special tax treatment of billionaires”

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