Lewis votes to end carried interest loophole and Pentagon slush fund to balance budget

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Washington, June 21, 2018 | comments

WASHINGTON, D.C.- In keeping with his longstanding promise of shared budgetary sacrifice, Congressman Jason Lewis (MN-02) today voted for the Brighter American Future Act which passed out of the Budget Committee today. 

“While I was disappointed the Committee did not close all the loopholes it could, The Brighter American Future Act nonetheless lays out a plan to get our fiscal house in order. It includes the largest reconciliation package in over 2 decades by directing the 11 authorizing committees to identify $302 billion in saving over 10 years. 

During the mark up I supported two amendments that would help restore fiscal responsibility and fairer tax policies. I voted to get rid of the special interest deduction for hedge fund managers known as the carried interested and I supported an amendment addressing the overseas contingency operations (OCO) defense fund at the Department of Defense (DoD).

The fact is fiscal accountability needs to be applied across the board to halt the very dangerous fiscal path we’re on so the future can remain as bright as it should.” 

Background:

Carried Interest Amendment:

Right now, the profits Wall Street makes on other investors’ money isn’t taxed as ordinary income. Instead, these 'commissions' are considered capital gains, meaning the rest of us have to make up the difference. Amendment #8, which the Congressman supported, would have removed that loophole.

OCO Amendment:

The overseas contingency operations (OCO) has become a slush fund and is a gimmick to circumvent spending caps and hides the true cost of our national security. OCO perpetuates irresponsible budgeting that hurts long term planning for our national defense.

 

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