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July 19, 2007

All Business: Legislation raising private-equity taxes might not get far

AP Business Columnist

NEW YORK — There is nothing like watching politics at work. Even though private-equity firms and their managers are paying much lower taxes than their corporate counterparts or lower-earning average citizens, that might not change so soon if certain lawmakers have their way.

Some big names in Congress, including Sens. Charles Schumer and John Kerry, aren't convinced yet they should support legislation to increase the taxes that publicly traded buyout firms and hedge funds pay on their profits to as high as 35 percent from the current capital-gains rate of 15 percent.

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