Managed Funds Association’s Comments with Respect to Certain Revenuw Offsets in the Tax Extenders Legislation

MFA submitted a letter to the House Leadership, Ways and Means Committee Chairman Charlie Rangel (D-NY) and all Ways and Means Committee Members regarding the Tax Extenders Act of 2009 (H.R. 4213), which includes revenue offsets that would change the tax treatment of carried interest and provisions included in the “Foreign Account Tax Compliance Act of 2009” (H.R. 3933). In the letter, MFA cautioned that the tax extenders legislation could result in serious and negative consequences for U.S. capital markets, job growth and capital formation. In addition, the letter put forth MFA’s position with respect to the “Let Wall Street Pay for the Restoration of Main Street Act of 2009” (H.R. 4191), which would impose a transaction tax on all financial transactions. As stated in the letter, such a tax would significantly jeopardize our economy’s ability to recover.