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<span class="css-atnqj9 esd8w5v2" style="margin:0;font:normal 14px georgia,serif;color:#666">
Private equity firms like Henry Kravis’s KKR used accounting tactics like “fee waivers” to reduce their tax bills.
</span>
<span class="css-hpkdsj esd8w5v3" style="margin:0;font:normal 11px georgia,serif;padding-left:5px;color:#888;-webkit-letter-spacing:.01em;-moz-letter-spacing:.01em;-ms-letter-spacing:.01em;letter-spacing:.01em">
Krista Schlueter for The New York Times
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<h2 class="css-12n1aic el2acgh0" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
Private equity has conquered the American tax system
</h2>
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
The $4.5 trillion buyout industry “has perfected sleight-of-hand tax-avoidance strategies so aggressive that at least three private equity officials have alerted the Internal Revenue Service to potentially illegal tactics,”
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
according to a new investigation by The Times
</a>
. These previously unreported whistle-blower claims involved dozens of private equity firms,
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
Jesse Drucker
</a>
and
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
Danny Hakim
</a>
report.
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
I.R.S. audits of private equity firms are “almost nonexistent,”
</span>
said Michael Desmond, who stepped down this year as the I.R.S.’s chief counsel. The Times reviewed 10 years of annual reports filed by the five largest publicly traded private equity firms, which contained no sign of the firms ever having to pay the I.R.S. extra money.
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
“If the I.R.S. started staffing up now, it would take them at least a decade to catch up,”
</span>
said Monte Jackel, a former I.R.S. attorney. Because buyout firms deploy vast webs of partnerships to collect their profits, untangling these structures’ tax liabilities is notoriously tricky for tax inspectors. “They are so grossly overmatched it’s not funny,” Jackel said.
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<span style="font-size:17px;line-height:25px">
The U.S. loses $75 billion a year from investors in partnerships failing to report their income accurately,
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
according to one recent estimate
</a>
. But people earning less than $25,000 are at least three times more likely to be audited than partnerships.
</span>
</li>
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
Lawmakers have tried unsuccessfully to make private equity pay more taxes for years,
</span>
especially when it comes to the so-called carried interest loophole, in which partners treat the money they receive in performance fees as capital gains rather than income. The whistle-blowers’ claims addressed a technique known as a “fee waiver” that results in lower capital gains tax rates applying to recurring management fees as well as performance fees. The Obama administration barred the most aggressive fee waivers, thereby legitimizing the rest.
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<h3 class="css-uyrfm9 e1d3q5wz0" style="font:10px/15px arial,sans-serif;text-transform:uppercase;-webkit-letter-spacing:.7px;-moz-letter-spacing:.7px;-ms-letter-spacing:.7px;letter-spacing:.7px;margin-bottom:10px;margin-top:0">
PAID POST: A MESSAGE FROM
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When Ransomware Strikes, Darktrace Fights Back
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Autonomous Response is the only technology that takes targeted action to interrupt ransomware, without disrupting business activity. Discover how to protect your organization from machine-speed attacks.
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Learn how >
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<span style="font-size:17px;line-height:25px">
When the Trump administration imposed a three-year waiting period before firms could reap preferential tax treatment for carried interest, the industry created the “carry waiver” to circumvent the rule.
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</li>
</ul>
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
Is something about to change?
</span>
After
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
ProPublica’s recent revelation
</a>
that some of America’s richest men paid little or no federal taxes, the push to tax private equity
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
may gain new momentum
</a>
. President Biden has proposed enlarging the I.R.S.’s enforcement budget and closing loopholes. Like those before him, his ability to increase private equity’s tax burden will face resistance in the form of the industry’s formidable lobbying operations, which have derailed many past efforts.
</p>
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<img class="css-ivj8p2 e1aggfhi0" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2021%252F06%252F14%252Fbusiness%252F14db-pecontribNEW%252F14db-pecontribNEW-articleLarge.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSJ9:1lskZP:ph38Co7uWb8tND4pXX6XBWXxnC5giwj77hsdZmm8kos" style="width:83%;max-width:500px;display:inline-block;height:auto;padding-top:15px;padding-bottom:30px;line-height:0"/>
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HERE’S WHAT’S HAPPENING
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
The G7 summit ends with a renewed focus on China.
</span>
President Biden rallied allies to
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
push back more forcefully
</a>
against Beijing and Moscow. But cracks emerged in the group, including a failure to agree on
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
ending the use of coal
</a>
and a lack of concrete steps to ban Western participation in forced labor in China.
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Tech giants are embroiled in Trump-era subpoenas.
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Apple disclosed that, in response to Justice Department requests in 2018, it turned over information about users like the former White House counsel
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
Don McGahn
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and people
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linked to Democratic members
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of the House Intelligence Committee. Such responses
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raise questions
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about Silicon Valley companies’ stated commitment to customer privacy.
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Novavax announces strong results for its Covid-19 vaccine.
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The small drugmaker, which has received considerable support from the U.S. government, said that its treatment
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was 90 percent effective
</a>
in a clinical trial. Its future in the U.S. — which is already awash in vaccines — is unclear, though some experts say it may become an effective booster shot.
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An Alzheimer drug’s approval highlights the F.D.A.’s lack of a permanent leader.
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The agency continues to be led by Dr. Janet Woodcock on an interim basis, a situation that has
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raised concerns
</a>
after it approved Biogen’s treatment despite F.D.A. advisers’ criticisms of its efficacy and cost.
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A pricey ticket to fly with Jeff Bezos into space.
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An unidentified winner
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bid $28 million
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(plus a $2 million buyer’s commission) to travel on the maiden flight of Bezos’s Blue Origin reusable rocket next month. The winner will fly with Bezos on an 11-minute ride to the edge of space.
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The trust-busting upswing
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There is a marked uptick in antitrust activity by Democratic and Republican officials at the state and federal levels. Competition policy needs an update, many of them say, and in the past week they made forceful moves that could reshape the business landscape, especially for big technology firms.
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Lawmakers and regulators are getting creative.
</span>
A bipartisan group of House lawmakers introduced five
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
sweeping antitrust bills
</a>
on Friday, all aimed at restraining Big Tech, representing the most aggressive effort to remake antitrust law in a century. If passed — a big if, but the bipartisan nature of the push gives some of the proposals a chance — the bills would make it easier to break up businesses, create new hurdles for mergers and give antitrust enforcers more funds to police companies. This came at the end of a week with noteworthy antimonopoly actions at the state level:
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The New York Senate
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
passed legislation
</a>
that would significantly alter the definition of market dominance and introduce a 60-day premerger notification requirement for many deals, the first of its kind at the state level. The notice period could have “severe timing consequences” for deals,
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
wrote lawyers at White & Case
</a>
.
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<span style="font-size:17px;line-height:25px">
The Republican attorney general of Ohio, Dave Yost, filed
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
a novel lawsuit
</a>
seeking to declare Google a “common carrier” — that is, a public utility subject to government regulation like the railroads of yore. If it’s successful, Google could no longer prioritize its own products, services and websites in search results.
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
This antitrust push at all levels of government “marks the next phase”
</span>
in the debate over the future of competition law, Robyn Shapiro, a spokesperson for the progressive nonprofit American Economic Liberties Project, told DealBook. The nonprofit group is launching an “
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
Access to Markets
</a>
” initiative that connects people with officials to discuss competition concerns. In a
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
new report
</a>
, A.E.L.P. contends that a few big players abuse their dominance to block competition, resulting in “an insidious form of private regulation.”
</p>
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<span style="font-size:17px;line-height:25px">
“This isn’t about being anti-business,” said Denise Hearn, a fellow at the nonprofit group and co-lead of the initiative. “We love the ability of markets to produce great outcomes for all. We want a future where markets are fair and democratic, ones that actually allow the best ideas to flourish.”
</span>
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<h2 class="css-12n1aic el2acgh0" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
Elon Musk moves crypto markets, again
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Elon Musk proved once more this weekend that he can shift the price of digital currencies with just a tweet, as he suggested Tesla could resume accepting Bitcoin as payment. The price of Bitcoin
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
jumped overnight
</a>
, bringing it close to $40,000. Other crypto prices went up as well.
</p>
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<img class="css-ivj8p2 e1aggfhi0" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2021%252F06%252F14%252Fbusiness%252F14db-bitcoinprice%252F14db-bitcoinprice-articleLarge.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSJ9:1lskZP:ph38Co7uWb8tND4pXX6XBWXxnC5giwj77hsdZmm8kos" style="width:83%;max-width:500px;display:inline-block;height:auto;padding-top:15px;padding-bottom:30px;line-height:0"/>
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
Bitcoin would need to become greener first.
</span>
Tesla said in February it would accept the cryptocurrency for payment, before
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
reversing itself in May
</a>
over concerns about how much energy is consumed to create new coins and process transactions, tanking the market. (The company continues to own Bitcoin in its corporate treasury.) In a tweet yesterday, Musk said Tesla
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
would reverse course
</a>
“when there’s confirmation of reasonable (~50%) clean energy usage by miners with positive future trend.”
</p>
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<span style="font-size:17px;line-height:25px">
Measuring the environmental impact of Bitcoin processing
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
has always been tricky
</a>
. Some estimates place the use of renewables in Bitcoin mining at nearly 75 percent, while others put it at closer to 39 percent.
</span>
</li>
</ul>
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<img class="css-1rg59gv e1e3sevz0" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2021%252F01%252F29%252Fbusiness%252Fdealbook-icon-percentage%252Fdealbook-icon-percentage-articleLarge-v11.gif/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSJ9:1lskZP:ph38Co7uWb8tND4pXX6XBWXxnC5giwj77hsdZmm8kos" style="display:block;width:100%;height:auto;padding-bottom:25px;padding-top:10px"/>
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<h2 class="css-12n1aic el2acgh0" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
Companies ask employees: What’s your status?
</h2>
</td>
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
As many companies prepare for workers to return to the office in earnest after Labor Day, nearly a third
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
have yet to develop any vaccine policy
</a>
. They want their workers vaccinated, but don’t want to require it. For now, they’re doing everything they can do short of a mandate — and keeping track of the results.
</p>
</td>
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
More than a third of employers are tracking employees’ vaccination status,
</span>
according to a forthcoming survey from Willis Towers Watson. (Last week, Goldman Sachs became one of the first major firms to
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
require employees
</a>
to disclose their vaccination status.) What are companies doing with this data? For the most part, they’re seeing if their vaccine incentives — like paid time off or on-site clinics — are working.
</p>
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<span style="font-size:17px;line-height:25px">
If 70 percent of the workforce is vaccinated, some executives may view a mandate as more palatable, said Johnny Taylor, the head of the Society for Human Resource Management. If 90 percent are vaccinated, “it’s going to be hard to argue that getting the last 10 percent of people vaccinated is what’s necessary to create a safe workplace,” said Dr. Jeff Levin-Scherz, a physician who is leading the coronavirus response at Willis Towers Watson.
</span>
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</ul>
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
“Everyone wants cover,”
</span>
said Dr. Ezekiel Emanuel, the former Obama administration health policy adviser, about employers trying to “avoid controversial decisions.” Dr. Emanuel argued for mandates at his workplace, the University of Pennsylvania, which is one of many universities that now require
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
employees to be vaccinated
</a>
. Schools have more experience with vaccine mandates, as least as it pertains to students, but that distinction shouldn’t matter for other types of institutions, Dr. Emanuel said. “Goldman has meetings,” he said. “Goldman has people in close proximity to each other.”
</p>
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<span style="font-size:17px;line-height:25px">
Vaccinating all employed adults “could probably get us pretty close to herd immunity,” he said.
</span>
</li>
</ul>
</td>
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
A federal judge dismissed a lawsuit by employees of a Houston hospital over its vaccine mandate.
</span>
The
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
decision this weekend
</a>
was one of the first in favor of employer-mandated vaccinations. The judge said that the plaintiff could “freely choose to accept or refuse a Covid-19 vaccine,” but if she refuses, “she will simply need to work somewhere else.”
</p>
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THE SPEED READ
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Deals
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<span style="font-size:17px;line-height:25px">
Royal Dutch Shell is said to be weighing the sale of some or all of its holdings in the Permian Basin in the U.S., which could fetch more than $10 billion. (
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
CNBC
</a>
)
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<span style="font-size:17px;line-height:25px">
Thrasio, which buys private-label businesses that sell on Amazon, is reportedly in talks to go public by merging with a SPAC run by the financier Michael Klein. (
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
Bloomberg
</a>
)
</span>
</li>
<li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
Flagship Pioneering, the venture capital firm run by the founder of Moderna, has raised $3.4 billion for its newest fund, one of the biggest in the biotech industry. (
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
FT
</a>
)
</span>
</li>
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Politics and policy
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<span style="font-size:17px;line-height:25px">
European governments are feeling strains from the debt they took on to aid pandemic-stricken businesses. (
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
WSJ
</a>
)
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<span style="font-size:17px;line-height:25px">
Companies that publicly committed to supporting L.G.B.T.Q. rights have donated more than $10 million to politicians who undermine that position. (
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Popular Information
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