PARTNERSHIP TAX RULES FOR SMALL BUSINESS, NOT BILLIONAIRES

“In September [2007], [Bruce] Rosenblum testified before the House Ways and Means Committee. Rubenstein was his implicit subject: ‘The relentless media and political focus on a handful of highly successful founders of large private-equity firms ignores the fact that these individuals, like many other successful business founders, were not necessarily ‘rich’ when they started their businesses.’ Victor Fleischer testified at the same hearing. ‘The partnership-tax rules were designed with small business in mind, not billion-dollar investment funds,’ he said.”

Alec MacGillis, “The Billionaires’ Loophole,” New Yorker, March 14, 2016, pp: 64-73.