Some of Renaissance’s lobbying has focused on proposed reforms that would restrict fund managers’ ability to claim a lower tax rate on some of the “carried interest” they earn from their jobs. The issue drew attention during last year’s presidential election when the Republican nominee, Mitt Romney, disclosed he had paid just 13.9 percent of his 2010 income in taxes. Romney benefited from a rule that allows him to count some of his compensation from running the private-equity firm Bain Capital LLC as long-term capital gains even when the “carried interest” doesn’t derive from his own investments.

Testifying before Congress in 2008, Simons was asked by U.S. Representative Elijah Cummings, a Maryland Democrat, whether he would “support repealing this tax loophole” and paying the ordinary rate.

“That would be OK with me,” Simons said.

First « 1 2 3 4 5 6 7 » Next