Bannon Backs Limit to Carried Interest in House Tax Bill
- Calls change requiring investments be held 3 years populist
- Tax break benefits managers of private equity, venture capital
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Former White House political strategist Steve Bannon backs a House Republican proposal to preserve the carried-interest tax break for investment managers but add limits on its use, he said in a statement to Bloomberg.
The House proposal would require managers of private-equity and hedge funds to hold investments for at least three years to qualify for the lower capital gains rate on compensation through carried interest. Bannon, President Donald Trump’s former strategist and an architect of his populist campaign, said the change would encourage fund managers to focus on longer-term investments.