via businessweek.com
A group of five Senators has urged Senate Finance Committee Chairman Max Baucus to back off a proposed higher tax rate on carried interest. Carried interest is the profit share paid to managing partners of VC firms as part of their pay. That share, which lawmakers say is payment for services, currently can qualify for long-term capital gains rates of 15 percent. In a May 11 letter to Baucus and Iowa Senator Chuck Grassley, the lawmakers wrote, "We encourage you to include language in any carried interest provision that maintains a capital gains incentive for those who contribute to the viability of our start-up community - venture capitalists."
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