more about those who did not. lives and families forever changed. evan kicks off our coverage in hazard, kentucky. tell us what you ve been seeing. reporter: we have been by this creek in route 128 in perry county, one much hardest hit counties. you can see the water level that they are still dealing with here after this flood that came through. this creek flooded over, you know, eight or ten feet from here, taking a whole house with it and knocking out the bottom of this building to mime right. the water level has been going suspend. we have been rain throughout the day. you see the yellow road sign is our guy. it was raining smorng and the water to the top of that rock and emerge that sign but come back down now. there is more rain in the forecast and a flood watch is in effect for tonight. the problem is the creek is really high and they can t take much water. nobody is expecting a flood surge like we saw on thursday that was a historic flood surge but it won t take much
Tax sword hangs over PE, VC funds after tribunal ruling
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Synopsis
A week ago, the Customs, Excise & Service Tax Appellate Tribunal, Bengaluru, has ruled that the ‘carried interest’ or ‘carry’ in trade parlance, which is a fund’s share of profits from managing investors’ money is a ‘performance fee’ that would attract service tax.
Agencies
The ruling by the quasi-judicial authority is being closely tracked by the VCF world and fund advisors as fund managers are driven by the money earned from ‘carry’.
A tax sword hangs precariously over all private equity (PE) houses and venture capital funds (VCFs) in India.
any talk about closing this sort of favorable tax loophole known as carry interest. steve mnuchin is on the record saying it s not going to be zeroed out. uses it most of the time. this is like, i just don t know what they re going to cut, where they re going to cut, what loopholes they re going to pass. i guess we ll see in the next couple of days. this is going to be a battle royale on loopholes and then a battle royale with the press if they do a real supply side tax cut. will the president go and say, listen, i don t care what the cbo says about next year, in two years, the revenues will flow and we ll pay for it ourselves and get out of the 1.5% growth. we want real tax cuts and real growth. will the president do that, will the republicans know how to sell it. that s where it gets interesting. really difficult. neil: especially if the president can t do what he wants to do in the upper income, that puts him at loggerheads of his congressional colleagues. thank you, good seeing y
good evening. i m erin burnett, and outfront tonight, a burning question for mitt romney. today, he got an endorsement from donald trump, and he was all smiles, but another day has gone by without an answer to a crucial question. does he think he should pay more taxes. here are his returns from 2009 and estimated for 2009 and estimated for 2010 and 11. it turns out that 30% of mitt romney s income, $12.9 million, comes from one very specific thing, in these tax years, 2010 and 2011. it s called the carry. and here is how it works. partners in private equity and hedge funds invest money for their clients, and they get a significant cut of the profits they make. that cut, the carry, is taxed at 15%, not 35%, like regular income. now, many people think that it is right to reward people for investing money, for taking risks, with a lower tax rate. they argue this encouraged people to start businesses and create jobs. but almost no one says it s right to reward the guy who invests
john king, chief national correspondent and host of jk usa and sheila behr, former children of chairman of the fdic. before we talk about this i want to bring in christine romans to explain why this has been such an important deal in the united states. while i ve been out here in cannes, the u.s. has been watching very closely what s going on here and what s been going on in athens, christine. there s a growing understanding that u.s. and europe are in it together. anything that is negative for greece and the eu, is not good for america. europe is america s number one trading partner. there s this feeling that we don t quite understand how the domino effect would be. if greece goes down, the first domino in interconnected trade, banking, financial system. you know, $400 billion of u.s. exports go to europe every year. that makes it a huge destination for our goods. if there were a severe recession in europe because of a financial crisis, it would definitely hurt the u.s