from publicly traded partnerships to “C corporations” that pay the corporate tax rate on income.
Converting from partnerships had other advantages, notably making it easier for a wider range of investors and index funds to own the shares. So far, the moves have been a success for investors: Apollo Global Management Inc., Blackstone Group Inc., Carlyle Group Inc. and KKR & Co. have averaged over 30% annualized returns since their respective conversion dates, according to FactSet data.
Now, President Biden has proposed increasing the corporate tax rate to 28% from 21%. If that were the only major change to the tax code, it could in theory work against converted private-equity firms, perhaps when competing for talent or deals with rivals that have lower tax burdens. But Mr. Biden is also proposing
substantially for high income earners, to 39.6% from 20%. This would effectively eliminate the favorable treatment of carried interest.
Changes to a socialist state means a monetary uncertainty.
Translation: Tax changes have been important in helping wealthy people stay that way
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