New York University

New York University

The Office of Public Affairs

Thursday, Sep 13, 2007

N-26, 2007-08

NYU School of Law’s Tax Law Review and Law Review will host a roundtable discussion, “Does Atlas Shrug? Taxing the Rich and the Carried Interest Debate,” on Tues., Sept. 18, 4-6 p.m. at NYU’s Furman Hall, Room 216 (245 Sullivan Street [betw. Washington Square South and W. 3rd Street]). Subway Lines: A, B, C, D, E, F, V (West 4th Street); N, R, W (8th Street); 6 (Astor Place).

The panel will consider income gained in the form of “carried interest.” Private equity funds currently have over $1 trillion in assets under management. The managers of these funds are paid generously, and much of their income comes in the form of a “carried interest,” which entitles them to 20 percent of the profits of the fund. This portion of their pay is taxed at the 15 percent capital gains rate rather than at the 35 percent rate that would apply if it were taxed as compensation. As a result, some have questioned whether private equity managers should be eligible for lower tax rates than their receptionists. The U.S. Congress is currently debating whether to change the tax treatment of carried interest and significantly increase the tax liabilities of some of the richest Americans.

Moderated by NYU School of Law’s Noël Cunningham, the panel will include the following: Mitchell Engler, visiting professor, NYU School of Law; Victor Fleischer, associate professor, University of Illinois College of Law; Joel Slemrod, director, University of Michigan’s Office of Tax Policy Research; and Jon Talisman, partner, Capitol Tax Partners and former assistant secretary of the treasury for tax policy.

Reporters interested in attending the event must RSVP to James Devitt, Office of Public Affairs, at 212.998.6808 or james.devitt@nyu.edu. The public must RSVP to law.taxprograms@nyu.edu or 212.998.6156.