In the News

Carried interest is a form of compensation received by wealthy private equity and hedge fund executives that is taxed well below top wage income rates.

The bill was originally introduced by the late U.S. Rep. Bill Pascrell Jr. (NJ-09), who represented New Jersey in Congress for more than 27 years before his death on Aug. 21st. Pascrell championed legislation to close the carried interest loophole for years, beginning in the 116th Congress. 

“Bill was a revered public servant who made tax fairness his top priority and fought to ensure ultra-wealthy Americans benefiting from preferential tax treatments would finally pay their fair share,” said Congressman Cartwright. “I’m proud to reintroduce this legislation in Bill’s honor. The carried interest loophole is yet another way special interests have rigged the system to their advantage, at the expense of everyday taxpayers. Wealthy fund managers shouldn’t pay less taxes than hard working Americans.”