The Senate Finance Committee continued its examination of whether to raise taxes on the earnings of managers of private equity firms and hedge funds by looking at the impact of carried interest taxation on pension funds.

The hearing coincided with testimony before the House Ways and Means Committee on carried interest (see House Holds Tax Fairness Hearing). Managers of private equity firms and hedge funds are generally taxed at the 15 percent capital gains rate on carried interest income, but critics argue that they should be taxed at the ordinary income tax rate of up to 35 percent.

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