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House Ways and Means Committee Chairman Levin says he expects a phased-in change to the tax treatment of carried interest to be a main offset for the tax extenders legislation moving toward the House floor. The exact details of the carried interest provision are still being worked out, but the legislation (H.R. 4213) will not include any carve-outs to exempt particular industries and will ultimately match the tax rate paid on carried interest income to ordinary income tax rates, Levin says. The bill, which will have a total of roughly $50 billion in fully offset tax provisions, is expected to go to the House floor during next week, Levin says, without any full committee hearing or markup.
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