He actually cares more about creating value and sitting around whining about and fighting taxes. AVC Via SAI:
Finally, we need to balance the federal budget and we need both revenue increased and expense reductions to do that. Think about the hedge fund manager who is investing a $10bn fund. Let’s say that manager produces an annual return of 8%. That’s not an amazing year, but the manager will make $160mm in carried interest anyway. Under current law will only pay roughly 25% of that as taxes between federal, state, and local taxes. Under the new law, the manager will pay double that. That’s a difference of $40mm for one fund manager. And there are a lot of fund managers out there.
It’s time for asset managers to start paying their fair share of taxes. We are among the most highly compensated people in the world. And we’ve been getting a huge tax break for years. It’s not right and I am happy to see our government finally do something about it.
This is why Fred Wilson is the model VC (and a patriot, to boot)!
