The White House released more than 7,800 words Wednesday morning describing the promises of President Joe Biden's American Families Plan. It included not only a string of desired benefits—more free education, lower- and middle-class tax cuts, direct financial support, childcare, paid leave, and more—but also plans on how to help pay for it all.
The Peter G. Peterson Foundation, the eponymous group started by the Blackstone Group co-founder that focuses on fiscal sustainability, called the suggestions "thoughtful proposals" that deserved "substantial credit for identifying ways to pay for these proposals."
One of the mechanisms would be a push to end the tax characterization of carried interest. The plan mentioned hedge funds as beneficiaries, which is true. Other sectors that use carried interest include, of course, real estate fund managers and developers.
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