Ending Wall Street Tax Giveaway Act

The Ending Wall Street Tax Giveaway Act would change how certain investment management fees are taxed. It would require that net capital gains and losses from "investment services partnership interests" be treated as ordinary income and losses rather than capital gains and losses. This applies to investment managers who hold partnership interests in exchange for providing investment management services to partnerships. The bill would also treat gains on disposition of such interests as ordinary income, rather than capital gains. These changes would primarily affect investment professionals and firms that use partnership structures for investment management services.