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Article: Panel Debates Hedge Taxation.(Senate Finance Committee on hedge funds)(Brief article)
- Article from:
- American Banker
- Article date:
- August 1, 2007
- Author:
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Senators and witnesses sparred over the benefits and costs of taxing hedge funds at a Senate Finance Committee hearing Tuesday.
Senate Finance Chairman Max Baucus, D-Mont., questioned why hedge funds are treated differently from other companies. He and Sen. Charles Grassley of Iowa, the committee's ranking Republican, have introduced legislation that would tax publicly traded hedge funds and private-equity funds as investment companies, rather than partnerships, effectively increasing taxes on certain managers.
"There is little difference between a large private-equity firm and a Wall Street investment bank," Sen. Baucus said. "But only one claims that ...