Thursday, July 21, 2011

BOMA Urges Debt Negotiators to Drop Carried Interest Tax Hike

BOMA San Francisco Members:

The August 2 deadline to raise the debt ceiling is fast approaching and House Republicans and the Obama Administration have yet to make much progress in reaching a final agreement. 

 The White House and Congressional Democrats continue to argue in favor of spending cuts and closing various tax “loopholes” in a final deal, which may include carried interest. Rhetoric in the media and in Congress continues to focus on how the capital gains tax on carried interest only benefits wealthy hedge fund managers and private equity firms and completely ignores its impact on the commercial real estate industry. Meanwhile, Republicans remain adamant that a final deal cannot include any tax increases and only spending cuts before approving an increase in the amount the United States can borrow. BOMA International and its coalition partners have entered into the discussion with a joint press release and an ad campaign in various political publications to help educate and frame the debate.

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