A new tax regime being drafted by US Democrats is set to provide relief for
middle-income families while repealing President George Bush’s tax cuts for
wealthier citizens, and hitting private equity and hedge funds with new tax
The US Congress chairman, Charles Rangel, said they were obliged to tackle
the unintended consequence of the Alternative Minimum Tax which set out to
capture 23m more middle-class families next year, US reports said.
The AMT was designed decades ago to prevent wealthy citizens from avoiding
tax but has also gradually impacted on middle-income families because it failed
to take inflation into account.
Rangel has pledged a solution by ‘simplifying the tax code’ and instilling a
greater ‘sense of fairness’ in the system.
This could include repealing Bush’s signature tax cuts for the top 1% of
Americans as well as new rules on the way offshore hedge funds and private
equity income are taxed.
The Senate finance committee also heard presentations yesterday on the impact
on investors of increasing the tax rate on the carried interest income earned by
partners in private equity groups and hedge funds.
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The firm says that the U-turn 'does not alter the need for a fundamental review of the way we tax work' and that the current tax system is in need of reform
Legislation on the NICs changes to be brought forward in the autumn following publication of 'the full effects of the changes to Class 2 and Class 4' in the summer