Nov 2, 2017

House GOP keeps tax loophole for hedge fund managers

House Ways and Means chairman Kevin Brady (R-TX). Photo: Jacquelyn Martin/AP

The tax plan released Thursday by House Republicans would maintain the "carried interest" loophole, which benefits managers of hedge funds, private equity funds, venture capital funds, real estate funds and other types of investment partnerships.

Why it matters: President Trump had pledged to change this tax treatment during the campaign, and Treasury Sec. Steve Mnuchin has reaffirmed that pledge repeatedly, at least in regards to hedge funds. White House chief economic advisor Gary Cohn has said the same.

Facts matter: Taxing "carried interest"

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Courtenay Brown

16 mins ago - Economy & Business

Private companies cut 2.8 million jobs in May

Photo: Joe Raedle/Getty Images

Private companies shed 2.8 million U.S. jobs last month, according to a report from payroll processor ADP and Moody’s Analytics.

Why it matters: It's way less than the nearly 9 million private sector jobs economists estimated would be lost in May, suggesting layoffs during the coronavirus crisis could be slowing sooner than Wall Street expected.

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Ben Geman

39 mins ago - Energy & Environment

The growing focus on environmental justice could influence Biden's platform

Illustration: Aïda Amer/Axios

The killing of George Floyd in police custody and protests against systemic racism are prompting many green groups to declare their support for racial justice, and one thing to watch now is how this all might influence Joe Biden's platform.

Driving the news: Even before the recent mass upheaval in response to Floyd's death, Biden said he was expanding outreach and eyeing wider plans around environmental justice, or the disproportionate pollution burdens facing poor communities and people of color.

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Kyle Daly

4 hours ago - Technology

The slippery slope of protest surveillance

Illustration: Aïda Amer/Axios

President Trump's call to treat antifa supporters like terrorists could be a green light for high-tech surveillance of dissidents.

Why it matters: It's unlikely the Trump administration can designate antifa as a terrorist group in any legally meaningful way, but the declaration gives law enforcement tacit approval to use a plethora of tech tools to monitor protesters and left-leaning activists.

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