The tax bite looms—again

October 01, 2011   Lawrence Delevingne


After a brief respite, hedge funds are once again a favorite target in Washington.

  
 Illustration: Greg Mably
President Barack Obama might as well have held up a picture of Paul Singer or David Tepper while delivering his speech to Congress introducing the American Jobs Act. “While most people in this country struggle to make ends meet, a few of the most affluent citizens and most profitable corporations enjoy tax breaks and loopholes that nobody else gets,” said the president on September 8. “Right now, Warren Buffett pays a lower tax rate than his secretary—an outrage he has asked us to fix. We need a tax code where...everybody pays their fair share.”

Obama’s jobs bill, coupled with the Joint Select Committee on Deficit Reduction—the so-called supercommittee tasked with recommending at least $1.5 trillion in deficit cuts over 10 years—has revived almost every tax idea bandied about by lawmakers in recent memory that could affect hedge fund managers. At least seven...

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