Reuters- Rich U.S. hedge fund and private equity firm managers avoided proposed increases in their taxes Wednesday when the House approved a controversial tax bill stripped of the proposals.
Amid heavy lobbying by wealthy financiers trying to protect their lucrative business models, the House approved a bill that would temporarily relieve millions of Americans from having to pay the creeping alternative minimum tax (AMT).
The costly AMT relief bill went through the House without offsetting government revenues, which House Democrats had earlier sought in the name of a pay-as-you-go budget policy.
Among AMT relief budget offsets that Democrats had sought were higher taxes for private equity and hedge fund managers.
