(The following is a op-ed piece sent to Grand Strand Daily. Pictured above is the writer.)
By John Bonsignor
Recently, Rep. Tom Rice caught flack for his support of proposed private equity investment tax increases being discussed in Washington D.C., and rightfully so.
He rebuffed those claims, stating in a McClatchy news article “that his goal was to tackle tax code changes by making the American economy competitive without increasing taxes.”
A specific example of this is his support of increasing taxes on private equity partnerships’ carried interest. Carried interest is currently taxed at a capital gains rate. Rice, along with many Democrats, want to raise it to the level of ordinary income rates. It’s currently (and appropriately) taxed at the capital gains rate due to the long-held nature of the investment and the sweat equity poured into a business, all principles that are the cornerstone of our American economy.
Rice is a real estate investor and tax accountant. While his tax increase wouldn’t impact his investments, it would hurt private equity investors and their ability to reinvest into our economy.
Is Rice looking out for the economy? Or himself?
It appears Rice is in love with tax increases when he should be against them.