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Rep. Sander M. Levin


Self Description

Third-Party Descriptions

February 2013: "The first legislative effort to treat carried interest like ordinary income was a bill submitted by Representative Sander M. Levin, Democrat of Michigan, in 2007. Annual spending by the private equity, hedge fund and real estate industry lobbies exploded in that year. Predictably, the legislation has been shelved or voted down repeatedly ever since. Although Mr. Obama paid lip service to the removal of the preferential treatment for carried interest during both of his presidential campaigns, he has yet to achieve it."

http://www.nytimes.com/2013/02/25/opinion/carried-interest-an-unjust-privilege-for-financiers.html

August 2007: The most controversial tax break on Wall Street, known simply as the Carry, is not authorized by any law and was never approved by Congress.... Several key Democrats, led by Rep. Sander M. Levin of Michigan, attacked the Carry as an unfair tax break that Congress would never have granted. He is pushing a bill that would subject it to a higher tax rate, the one paid by ordinary taxpayers.

http://www.washingtonpost.com/wp-dyn/content/article/2007/08/02/AR2007080202620.html

January 2007: Rep. Sander M. Levin (D-Mich.), who is expected to chair the House Ways and Means subcommittee on trade, hailed the changes as 'a useful step forward.'

http://www.washingtonpost.com/wp-dyn/content/article/2007/01/08/AR2007010801486.html

December 2005: "Rep. Joe Wilson (R-S.C.) accused the Democrats of "just-say-no obstructionism," which Rep. Sander M. Levin (D-Mich.) called 'so hypocritical," given the prohibition on amendments that the Democrats wanted to offer.'"

http://www.washingtonpost.com/wp-dyn/content/article/2005/12/15/AR2005121502031.html

Relationships

RoleNameTypeLast Updated
Member of (past or present) Democratic Party / Democratic National Committee (DNC) Organization Aug 3, 2007
Member of (past or present) US House of Representatives Organization Aug 3, 2007
Family Member Sen. Carl M. Levin Esq. Person Aug 3, 2007

Articles and Resources

Date Fairness.com Resource Read it at:
Feb 24, 2013 A Costly and Unjust Perk for Financiers

QUOTE: Millions of general partners in investment funds receive carried-interest income when they earn profits for their clients. Since these partners do not have to risk any of their own capital, carried interest is really a taxpayer-subsidized fee for managing their clients’ money....This state of affairs denies our Treasury much-needed revenue; fuels public cynicism in government; and is evidence of the “crony capitalism” that favors some economic sectors over others

 New York Times
Mar 28, 2011 Michigan Cuts Jobless Benefit by Six Weeks

QUOTE: “We have a temporary change to help some jobless workers that is imposing an indefinite or permanent cost on future jobless workers,” said Rick McHugh, a staff lawyer for the National Employment Law Project, which opposed the law. “And that does seem doubly unfair when the temporary help for current jobless workers is almost totally paid for by the federal government.”

 New York Times
Aug 03, 2007 Wall Street's Lucrative Tax Break Is Under Fire

QUOTE: The most controversial tax break on Wall Street, known simply as the Carry, is not authorized by any law and was never approved by Congress.

 Washington Post
Jul 23, 2007 Taxing the Super Rich: Private-equity billionaires—the new Masters of the Universe—often pay far lower rates than the rest of us. But Washington is trying to change that. Get ready for a fight.

QUOTE: The very rich in America pay taxes at a lower rate than most working people, and, due to a wrinkle in the tax code, private-equity partners enjoy some of the lowest tax rates of all.

 MSNBC
Jun 23, 2007 Managers Of Funds May Face Stiff Taxes: House Democrats Offer Bill; Blackstone Shares Rise in IPO

QUOTE: Top House Democrats yesterday proposed one of the most far-reaching changes to tax law in decades that would more than double what managers of private-equity and hedge funds are required to pay. The bill could raise billions of dollars for the federal government from some of Wall Street's wealthiest and most powerful financiers at a time when Congress is considering cutting the taxes paid by middle-class Americans.

 Washington Post
Apr 21, 2007 Labor Rights Issues Are Stalling Trade Pacts

QUOTE: At issue is the Democratic demand that pending trade deals with Colombia, Panama, Peru and South Korea include a provision guaranteeing certain rights for labor in the trading partner countries, including a ban on child and slave labor and the right to organize. In addition, the Democrats want the accords to endorse general labor protections adopted by the International Labor Organization, like the right to organize.

 New York Times
Jan 09, 2007 House Votes To Tighten Rules on Tariff Breaks: Measures Often Benefit Big Foreign-Based Firms

QUOTE: The House overwhelmingly approved a bill that, for the first time, officially equates tariff suspensions with a better-known variety of legislative pork, the congressional earmark. The new rules require public disclosure of each measure's sponsor, purpose and cost whenever lawmakers slip one into legislation.

 Washington Post
Dec 16, 2005 House Passes Bill To Shore Up Pensions: Differences Remain With Senate Version

QUOTE: The House yesterday approved a bill to strengthen the nation's private pension system, toughening funding requirements on employers who operate the plans and boosting payments that companies must make to the government's pension insurance agency.

 Washington Post