Paul L. Caron

Wednesday, July 20, 2016

Vic Fleischer Named Co-Chief Tax Counsel For Democrats On Senate Finance Committee

Fleischer (2016)Wall Street Journal: He Made ‘Carried Interest’ Famous. Now He’s Going to Help Write The Law, by Richard Rubin:

The tax law professor who helped turn carried interest from a technical tax term into a populist cause is coming to Washington.

Victor Fleischer, whose 2006 academic paper started the debate on how private equity managers are taxed [Two and Twenty: Taxing Partnership Profits in Private Equity Funds, 83 N.Y.U. L. Rev. 1 (2008)], will become co-chief tax counsel for Senate Finance Committee Democrats. His partner will be Tiffany Smith, already a member of the Finance Democrats’ staff.

“Victor is a true outside thought leader in this space and Tiffany has been invaluable over the past years executing our agenda,” Sen. Ron Wyden (D., Ore.) said in a statement.

Mr. Fleischer, currently a professor at the University of San Diego, has been writing opinion pieces for The New York Times, including an argument that the administration has authority to raise carried interest taxes, criticism of Donald Trump’s tax plan and questioned private equity fees paid by tax-exempt universities.

The job he’s taking could be quite powerful if Congress pursues a major revamp of the tax system and Democrats retake control of the Senate, making Mr. Wyden the Finance panel’s chairman.

The American Investment Council, the trade association of private equity firms, declined to comment.

Washington Examiner, Bad News for Private Equity Firms in New Democratic Staff Hire:

Private equity firms got bad news Wednesday as a top Democratic lawmaker announced that he was adding a prominent advocate of raising private equity taxes to his staff.

Update:  Senate Finance Committee Press Release, Wyden Announces Tax Leadership Team:

Senate Finance Committee Ranking Member Ron Wyden, D-Ore., today announced his new tax leadership team for the Committee. Together Victor Fleischer and Tiffany Smith will co-lead tax reform efforts.

“I’m thrilled that two of the top tax pros are teaming up to lead our efforts to radically simplify the tax code,” said Wyden. “Victor is a true outside thought leader in this space and Tiffany has been invaluable over the past years executing our agenda.”

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You are missing the bigger news in the naming of Tiffany Smith as co-tax counsel. she is a wonderful policymaker and down right nice person. Congratulations to TS!

Posted by: TheTurk | Jul 20, 2016 12:12:01 PM

Wow that's cool. But it won't be like academics. For one thing, you have to return telephone calls . . .

Posted by: mike livingston | Jul 21, 2016 4:06:56 AM