CalPERS criticizes PE industry on tax breaks
Joe Dear, CIO of the California Public Employees’ Retirement System (CalPERS), waded into debate on how private equity is taxed in the US, saying that buyout firm executives “risk becoming the robber barons of the 21st century” if they don’t back down.
The remarks, from one of the world's biggest private equity investors, are the latest in a string of attacks on the industry over the relatively low 15% tax levied on carried interest. Opponents of tax...
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