Under the bill, carried interest for the first 2 years will be taxed at ordinary income and capital gains rates — a 50/50 split, which amounts to a tax rate of roughly 30 percent. That split changes to 75/25 after 2 years, which amounts to a 35 percent rate.
A score on this provision from the Joint Committee on Taxation has not been released.
The bill also curtails some abuses of the foreign tax credit system, which raises roughly $14.5 billion, according to the JCT.
Senate Finance Chairman Max BaucusMax BaucusFive reasons why Tillerson is likely to get through Business groups express support for Branstad nomination The mysterious sealed opioid report fuels speculation MORE (D-Mont.) and House Ways and Means Chairman Sandy Levin (D-Mich.) are supposed to introduce the bill later today.