GOP Rep Mark Meadows Calls for End to the Carried Interest Loophole

Friday on MSNBC’s “Morning Joe,” House Freedom Caucus chairman Rep. Mark Meadows (R-NC) elaborated on why he supports ending the carried interest loophole.

Meadows told “Morning Joe” host Joe Scarborough ending it would have to be done in a way that allowed for economic growth to continue. However, he added that the proceeds from ending that provision could be used for lowering taxes on the “middle-income” earners.

“You know, Joe, I think that will be one of those things that actually comes out, whether it’s in the mark-up going through the House or over in the Senate,” Meadows said. “I can tell you, I was in the Oval Office with the president when this very subject came up. And he was emphatic that like he was consistent on the campaign trail about those hedge fund managers and the carried interest provisions that he felt like it needed to be done away with. Obviously, you’ve got real estate developers and some of those that use it as part of the way they do business. So, trying to address that in a fair way that continues to allow for economic growth is key. But I can tell you the president himself has weighed in on this particular provision. I think at the end of the day, it will get addressed, whether it is in the House or the Senate or the final bill.”

“I already have spoken up on the carried interest provision for hedge fund managers,” he added. “I think that you and I agree on this particular issue. And so, this may be a news-breaking thing this morning — you, I and the president all agree that that carried interest provision for hedge fund managers needs to go away. And really, we can use that money for the middle-income hard-working American taxpayers to make sure that they get the relief that they need. You know, the hedge fund managers are not normally a large constituency in North Carolina.”

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