House passes tax bill


The House of Representatives passed a bill that would raise taxes on hedge funds, by increasing the tax on so-called “carried interest” and by ending the practice of deferring taxes by placing income in offshore funds.

The House Ways and Means Committee proposed the tax hikes as a way to raise some $50 billion over 10 years. That would pay for the accompanying proposed changes in the alternative minimum tax. The AMT is expected to hit an additional 23 million middle-class Americans with higher taxes next year without the proposed change in the law. By including offsetting tax