In a letter to John Boehner, Nancy Pelosi, Harry Reid and Mitch McConnell, Duncan Niederauer writes that the provision would "tax profits on the sale of an investment management partnership at ordinary income rates, effectively making investment partnerships the only business in the U.S. that would be ineligible for long-term capital gains treatment when they are sold."
He warns in the letter that the proposal "could have far-reaching unintended consequences" not only on Wall Street, but also in small firms.
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