Tax Breaks Extended For Special Interests

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Correction: Politifact.com reviewed the Obama re-election campaign ad excerpted in this story and found the assertion that carried interest is a "trick" to be "mostly false."

Hedge fund and private equity managers came out of the "fiscal cliff" agreement with a better tax setup than many affluent taxpayers. It largely keeps in place a practice that allows them to have their earnings taxed at a capital gains rate rather than at a higher rate for ordinary income.

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Copyright NPR. View this article on npr.org.