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May 26, 2022 Tax Bits

Guys and Gals With Carried Interest (Not capital gains)

Robert S. Steinberg

(To the tune of The Girl from Ipanema by Antonio Carlos Jobim (music), Vinicius de Moraes (Portuguese lyrics), and Norman Gimble (English lyrics), as recorded in 1964 by Stan Getz & Astrud Gilberto and in 1963 in Portuguese by João Gilberto & Stan Getz.)

Verses

Guys and gals with carried interest
All know how tax law serves their interest
So when they file, they smile
For capital gains.

Every tax break has its season
And this low rate is oh, so pleasin’’
So while it lasts, they smile
For capital gains.

First Bridge

Though it’s been likened to stealing,
Lobbyists wheeling and dealing
Like barnyard pigs all are squealing:
“Please don’t take this tax break away.
More campaign cash we will pay!”

(Music Interlude)

Second Bridge

Why do we treat them so kindly?
If there’s a good reason, remind me
How are the voters so blind? We
Should demand that congress explain
Why they keep them sipping Champagne?

Verse

An interest in the profits riding
On services a partner’s providing
Earns ordinary income,
Not capital gains.
The question remains—
Why capital gains?

Robert S. Steinberg

Law Offices of Robert S. Steinberg, Palmetto Bay, FL

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