U.S. Senate hopeful Joe Kyrillos’ admission this week that he could impose additional taxes is not new and is not a reaction to the selection of Paul Ryan as the GOP’s nominee for vice president as is being reported by some news outlets.
Kyrillos made the same statement during a July 26 press conference, where he announced his jobs plan. As he was in a recent interview with the Record of Bergen County, Kyrillos was circumspect over what taxes he would raise, but he did get specific over the “carried interest tax,” which allows hedge fund managers and other investment firm executives to pay taxes on their earnings at a capital gains rate instead of at an income tax rate.
Kyrillos glossed over any specific plan, but dismissed a millionaire’s tax outright.
The so-called carried interest “loophole” is at the heart of the debate over Presidential Nominee Mitt Romney’s tax returns and has been a popular populist target. Several attempts to change the tax structure to force hedge fund managers to pay income tax on at least a portion of their earnings have failed in the legislature.