{"id":2453867,"date":"2025-06-30T14:03:02","date_gmt":"2025-06-30T18:03:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/baldwin-seeks-to-force-gop-to-back-trumps-carried-interest-plan\/"},"modified":"2025-06-30T14:04:50","modified_gmt":"2025-06-30T18:04:50","slug":"baldwin-seeks-to-force-gop-to-back-trumps-carried-interest-plan","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/baldwin-seeks-to-force-gop-to-back-trumps-carried-interest-plan\/","title":{"rendered":"Baldwin seeks to force GOP to back Trump&#8217;s carried interest plan"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">22<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fbaldwin-seeks-to-force-gop-to-back-trumps-carried-interest-plan%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2453867&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>senator Tammy Baldwin (D-WI) proposed an amendment during a <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/kirsten-sinema-may-not-be-the-only-democrat-unsure-about-the-new-build-back-better-bill\/\" title=\"Kirsten Sinema May Not Be the Only Democrat Unsure About the New Build Back Better ...\">marathon voting session<\/a> concerning President Donald Trump&#8217;s tax cut and spending bill, aimed at closing the &#8220;carried interest loophole&#8221; that benefits Wall Street money managers. This initiative marks a rare instance of collaboration between Baldwin and Trump, as both parties have expressed intent to tackle this tax loophole, although it was previously omitted from the GOP&#8217;s bill. Baldwin criticized the disparity in tax obligations, asserting that wealthy investors should not pay lower taxes than essential workers like firefighters and teachers.<\/p>\n<p>Baldwin&#8217;s efforts are part of a larger Democratic strategy to amend Trump&#8217;s substantial domestic policy agenda, which they largely oppose. The carried interest loophole allows certain investment income to be taxed at lower rates,sparking debate on its fairness and impact on tax revenue. Supporters of the current tax treatment argue that altering it could hinder economic growth, while critics, including Baldwin, believe that closing the loophole would generate more revenue to combat budget deficits.<\/p>\n<p>The amendment has the potential to challenge Republicans politically, as it might <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/congress-battles-biden-admin-in-bid-to-ban-iranian-president-from-us-soil\/\" title=\"Congress Battles Biden Admin in Bid To Ban Iranian ... From US Soil\">attract bipartisan support<\/a>, including from populist figures like Senator Josh hawley (R-MO), who has acknowledged internal party discussions regarding the issue.  <\/p>\n<p class=\"readmore\">\n    <button onclick=\"showReadMore()\" id=\"readmorebtn\">Read more&#8230;<\/button>\n<\/p>\n<hr id=\"line\">\n<span id=\"more\"><\/p>\n<p><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><\/p>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-mobile-menu-button\"><i class=\"tdb-mobile-menu-icon td-icon-mobile\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-header-search-button-mob dropdown-toggle\" data-toggle=\"dropdown\"><i class=\"tdb-mobile-search-icon td-icon-search\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-mobile-menu-button\"><i class=\"tdb-mobile-menu-icon td-icon-mobile\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<div class=\"tdb-drop-down-search\" aria-labelledby=\"td-header-search-button\">\n<div class=\"tdb-drop-down-search-inner\">\n<form method=\"get\" class=\"tdb-search-form\" action=\"https:\/\/www.washingtonexaminer.com\/\"><\/form>\n<div class=\"tdb-aj-search\"><\/div>\n<\/div>\n<\/div>\n<p><a href=\"http:\/\/www.washingtonexaminer.com\/#\" role=\"button\" aria-label=\"Search\" class=\"tdb-head-search-btn dropdown-toggle\" data-toggle=\"dropdown\"><i class=\"tdb-search-icon td-icon-search\"><\/i><\/a><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<h1 class=\"tdb-title-text\">Tammy Baldwin pushes carried interest tax change to align with Trump in &lsquo;big, beautiful bill&rsquo;<\/h1>\n<div><\/div>\n<div class=\"tdb-title-line\"><\/div>\n<\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<div id=\"Brid_2162241\" class=\"tpd-featured-video bridtv\"><\/div>\n<p><strong>EXCLUSIVE &mdash;<\/strong> Sen. <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/tammy-baldwin\/\" target=\"_blank\" rel=\"noopener\" title=\"Tammy Baldwin\">Tammy Baldwin<\/a> (D-WI) filed an amendment Monday during a <a href=\"https:\/\/www.washingtonexaminer.com\/news\/senate\/3457681\/gop-braces-vote-a-rama-senate-nears-final-vote-big-beautiful-bill\/\" target=\"_blank\" rel=\"noopener\" title=\"marathon voting session\">marathon voting session<\/a> on President Donald Trump&rsquo;s tax cut and spending bill to close the carried interest &ldquo;loophole&rdquo; for money managers on Wall Street.<\/p>\n<p>The amendment, first shared with the <em>Washington Examiner<\/em>, presents a rare harmonization between Democrats and Trump, who pushed congressional Republicans to <a href=\"https:\/\/www.washingtonexaminer.com\/policy\/finance-and-economy\/3347317\/carried-interest-what-to-know-tax-loophole-trump-aims-end\/\" target=\"_blank\" rel=\"noopener\" title=\"include a similar provision\">include a similar provision<\/a> in his One Big Beautiful Bill Act. However, the GOP left it out, prompting Baldwin to try to force Republicans to take an on-the-record position that could be viewed as bucking Trump.<\/p>\n<div class=\"recommended-stories\">\n<h2>Recommended Stories<\/h2>\n<ul>\n<li><a href=\"https:\/\/www.washingtonexaminer.com\/news\/house\/3458241\/don-bacon-will-not-seek-reelection-2026-swing-district\/\">Don Bacon will not seek reelection in 2026 in key swing district<\/a><\/li>\n<li><a href=\"https:\/\/www.washingtonexaminer.com\/policy\/foreign-policy\/3458163\/iranian-crown-prince-reza-pahlavi-calls-trump-end-regime\/\">Exiled Iranian crown prince calls on Trump to &#8216;end this regime&#8217; to create &#8216;regional stability&#8217;<\/a><\/li>\n<li><a href=\"https:\/\/www.washingtonexaminer.com\/news\/supreme-court\/3458047\/supreme-court-consider-internet-providers-liable-piracy\/\">Supreme Court to consider if internet providers are liable for online piracy by users<\/a><\/li>\n<\/ul>\n<\/div>\n<div class=\"article-paywall\">\n<p>&ldquo;It is absurd that Wall Street investors can game the system and pay less in taxes than Wisconsin firefighters, teachers, and small-business owners,&rdquo; Baldwin said in a statement. &ldquo;Donald Trump has claimed to support closing this tax loophole that lets Wall Street get off the hook paying their fair share, and now is the time for him to finally put some pressure on Senate Republicans to support my amendment and show they support working families, not wealthy money managers.&rdquo;<\/p>\n<p>Baldwin filed her proposal as part of a <a href=\"https:\/\/www.washingtonexaminer.com\/news\/senate\/3457681\/gop-braces-vote-a-rama-senate-nears-final-vote-big-beautiful-bill\/\" target=\"_blank\" rel=\"noopener\" title=\"vote-a-rama Democratic blitz of amendments\">vote-a-rama Democratic blitz of amendments<\/a> to Trump&rsquo;s sprawling domestic policy agenda, which Democrats vehemently oppose. The hourslong process is the last hurdle before a final vote on passage in what has been an otherwise messy and drawn-out process for the Senate to pass the filibuster-skirting legislation and send it back to the House.<\/p>\n<p>Trump has long pushed to change the treatment of carried interest, something that private equity is vociferously opposed to.<\/p>\n<p>But the Senate version of Trump&rsquo;s bill does not end the carried interest &ldquo;loophole,&rdquo; as critics characterize it. Carried interest is a type of income that some investment firms earn while managing investors&rsquo; money. It is taxed at the rates on investment income, but critics say it should be taxed at the higher rates that apply to labor income.<\/p>\n<p>Opponents of carried interest, including Trump, argue that maintaining the current treatment of <a href=\"https:\/\/amzn.to\/3YuVZYV\" >carried interest disproportionately benefits<\/a> the wealthy and does little for middle-class taxpayers. And Democrats like Baldwin say closing the &ldquo;loophole&rdquo; would produce more tax revenue to chip away at the deficit.<\/p>\n<p>Supporters of the status quo, however, contend that hiking taxes on carried interest would be arbitrary, could slow economic growth, and could deprive businesses of a source of investment.<\/p>\n<figure class=\"wp-block-image size-full\"><figcaption class=\"wp-element-caption\">Sen. Tammy Baldwin (D-WI) speaks to reporters after a Senate policy luncheon at the Capitol in Washington, Tuesday, Feb. 25, 2025. (AP Photo\/Ben Curtis)<\/figcaption><\/figure>\n<p>Drew Maloney, president of the American Investment Council, said earlier this year that private equity and <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/two-trump-endorsed-tax-hikes-on-wealthy-left-out-of-gop-tax-bill-washington-examiner\/\" title=\"Two ......endorsed tax hikes on wealthy left out of GOP tax ... ... Washington Examiner\">private credit industries invest<\/a> some $700 billion every year into the economy and that 12 million workers are employed by private equity-backed companies.<\/p>\n<p>Baldwin&rsquo;s amendment could put Republicans in a tough political spot and garner bipartisan support, including from Sen. Josh Hawley (R-MO), if it receives a vote. Not all amendments proposed during the so-called vote-a-rama are put to a roll-call vote. Her amendment is to attach her <a href=\"https:\/\/www.baldwin.senate.gov\/news\/press-releases\/baldwin-leads-colleagues-on-bill-to-close-tax-loophole-and-make-wall-street-pay-its-fair-share\" target=\"_blank\" rel=\"noreferrer noopener\">Carried Interest Fairness Act<\/a>, a measure she&rsquo;s tried to pass into law for the past decade.<\/p>\n<p><strong><a href=\"https:\/\/www.washingtonexaminer.com\/news\/senate\/3374396\/trump-tariff-measure-endorsement-senate-democrat-tammy-baldwin\/\">TRUMP TARIFF MEASURE SCORES ENDORSEMENT FROM SENATE DEMOCRAT TAMMY BALDWIN<\/a><\/strong><\/p>\n<p>Hawley, a populist, told the&nbsp;<em>Washington Examiner<\/em>&nbsp;that Trump has repeatedly brought up the issue of carried interest in private conversations. But Hawley acknowledged likely resistance from other Republicans to alter how carried interest is treated.<\/p>\n<p>&ldquo;This is the broader problem where we&rsquo;re giving away hundreds of billions of dollars in <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-plans-to-go-big-on-clean-energy-in-desperate-attempt-to-fight-inflation\/\" title=\"Biden Plans to Go Big on \u201cClean Energy\u201d in Desperate Attempt to Fight Inflation\">special tax treatment<\/a> to corporations and so forth, paying for it by cutting the Medicaid hospital fund,&rdquo; Hawley said. &ldquo;This is very bad.&rdquo;<\/p>\n<\/div>\n<p> <script data-cfasync=\"false\" src=\"http:\/\/www.washingtonexaminer.com\/cdn-cgi\/scripts\/5c5dd728\/cloudflare-static\/email-decode.min.js\"><\/script><script>!function(){var g=window;g.googletag=g.googletag||{},g.googletag.cmd=g.googletag.cmd||[],g.googletag.cmd.push(function(){g.googletag.pubads().setTargeting(\"has-featured-video\",\"true\")})}();<\/script><script>var _bp=_bp||[];_bp.push({\"div\":\"Brid_2162241\",\"obj\":{\"id\":\"27789\",\"width\":\"1280\",\"height\":\"720\",\"stickyDirection\":\"below\",\"video\":\"2162241\"}});<\/script><script defer src=\"https:\/\/services.brid.tv\/player\/build\/brid.min.js\"><\/script><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Tammy Baldwin seeks carried interest tax reform in Trump&#8217;s bill<\/p>\n","protected":false},"author":3919,"featured_media":2453868,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2025\/06\/tammy-baldwin-carried-interest-loophole.webp","fifu_image_alt":"","footnotes":""},"categories":[33651],"tags":[14701,6203,38341,3634],"class_list":["post-2453867","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-western-journal","tag-baldwin","tag-gop","tag-tax-policy","tag-trump"],"fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2025\/06\/tammy-baldwin-carried-interest-loophole.webp","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2453867","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/3919"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2453867"}],"version-history":[{"count":3,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2453867\/revisions"}],"predecessor-version":[{"id":2453871,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2453867\/revisions\/2453871"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2453868"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2453867"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2453867"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2453867"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}