Republicans break Trump campaign pledge to end
key special interest deduction
Tennessee (December 18, 2017) – The Chair of the House Budget Committee appeared on CNBC in November and appeared to not fully understand the concept of carried interest. She suggested that automobile dealers use carried interest. The hosts pointed out the difference and Rep. Black said, “I’d like to come back another time and talk about this.”
Jim Cramer, well known financial analyst followed Black on the segment and said “Can I just say that your interview with the congressperson was very eye opening, she didn’t know what carried interest was. I think that is important to point out, she didn’t know what it was.”
“Rep. Diane Black has been celebrating this terrible tax bill at every turn and it seems she doesn’t even know what’s in it. She doesn’t understand that her bill allows hedge fund managers making billions to continue exploiting the tax code and benefit from loopholes,” said Mary Mancini, Chair of the Tennessee Democratic Party, “If Tennessee families have to pay their fair share, so should they.”
During the presidential campaign, Donald Trump said that hedge fund managers were ‘getting away with murder’ because of a loophole in the tax code called the ‘carried interest deduction.’ He vowed to end the loophole if elected.
As recently as September 28, White House economic advisor Gary Cohn said, “The president remains committed to ending the carried interest deduction.” But neither the House nor the Senate version of the current tax legislation closes the loophole.
“This is just the latest example of a President who can’t get anything done and when he does, it harms working families. This bill raises taxes on Tennesseans struggling to make a better life for themselves and their families while protecting the special interest loophole he promised to end,” said Mary Mancini, Chair of the Tennessee Democratic Party.