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US tax on carried interest could rise in coming months

29 May 2012

The tax levied on carried interest in the US is set to rise if the issue gains any more negative publicity in the coming months, an unidentified official at the Internal Revenue Service (IRS) told Reuters on Monday.

The issue, which gained widespread notoriety following former Bain capital executive Mitt Romney’s rise to fame as the Republican nominee for the US presidency, will be passed to regulators if the agency sees problems.

“We have to look down the road that it may become law… We don’t want to be surprised,” the official, who declined to be identified, told Reuters.

US President Barack Obama and the majority of Democrats in Washington are in favour of increasing the level of tax on carried interest from the current 15 per cent levy to the top 35 per cent bracket imposed on wages or salary.

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