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Letter from Washington

Political Insider

President Trump’s schedule (EDT):

11:00 AM:  Meets with national security officials at the Pentagon; and

12:30 p.m.: Has lunch with Secretary of State Pompeo. White House

“‘Carried Interest’ Back in Play as Democrats Eye Tax Offsets.”  Yesterday’s CQ Roll Call article led with:

Democratic tax-writers are resurrecting one of their favorite targets as they hunt for revenue to pay for a new tax bill likely to renew dozens of breaks that expired at the beginning of last year, among other initiatives that could be rolled in. 

Rep. Bill Pascrell Jr., D-N.J., a Ways and Means member, introduced legislation (HR 1735, press release) on Wednesday that would eliminate the preferential tax treatment of investment fund managers’ share of profits on their clients’ capital gains, known as “carried interest.” In December, the Congressional Budget Office said the proposal could raise $14 billion in revenue over a decade, though the agency said the forecast could fluctuate with economic conditions. 

The House could easily pass this, but I doubt the Senate would, and the chances of enactment are low.

Tax “Filing Season Statistics for Week Ending March 8, 2019” nearly identical with last year’s.  Yesterday’s release showed $160.874 b. of tax refunds paid so far, down 3.2% from last year’s $166.184 b.  That’s in line with 3.3% fewer returns with refunds processed.  That average refund of $3,008 was nearly identical with last year’s $3,004. 

“Disaster Aid Vote Expected After Recess; Contents Uncertain.”  Yesterday afternoon’s CQ Roll Call article led with:

Political Insider

About Pete Davis

Pete Davis

Pete Davis advises Wall Street money managers on Washington, DC policy developments that affect the financial markets. Visit his website here daviscapitalinvestmentideas.yolasite.com.

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