HOUSE_OVERSIGHT_026650
Document HOUSE_OVERSIGHT_026650 is a government record from the House Oversight Committee, consisting of an email from Richard Kahn to Jeffrey Epstein regarding private equity's connection to the new presidential administration in 2017.
The email, dated January 19, 2017, discusses the appointment of individuals with private equity backgrounds to key positions in the Trump administration, including Wilbur Ross as Commerce Secretary, Steve Schwarzman as chair of the President’s Strategic and Policy Forum, and Jay Clayton to lead the SEC. It suggests that the private equity industry anticipates favorable policies under the new administration, particularly concerning carried interest taxation and interest deductibility. The document highlights a perceived alignment between the Trump administration and the interests of the private equity sector.
Key Highlights
- •Email from Richard Kahn to Jeffrey Epstein discussing private equity's influence in the Trump administration
- •Mentions Wilbur Ross, Steve Schwarzman, and Jay Clayton's appointments
- •Discusses potential tax benefits for the private equity industry under the new administration
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HOUSE_OVERSIGHT_026650
Pages
1
Source
House Oversight Committee
Document Content
Page 1 - HOUSE_OVERSIGHT_026650
From: Richard Kahn Sent: 1/19/2017 11:12:21 PM To: jeffrey E. [[email protected]] Importance: — High ; Private equity has direct line to new administration Jan. 19, 2017 12:05 PM ET|By: Stephen Alpher, SA News Editor There's not just Wilbur Ross who will serve as Commerce Secretary, but also Blackstone (NYSE:BX) CEO Steve Schwarzman who will chair the President’s Strategic and Policy Forum, and attorney Jay Clayton - who has advised on numerous major P-E deals - to lead the SEC. Aside from those official posts, the president-elect has met with the heads of Carlyle Group (NASDAQ:CG) and KKR since his election. "There seems to be more interest in the advice of real-world practitioners than in the past,” says the head of the P-E industry's D.C. lobbying group. "This is encouraging.” Indeed. Among P-E's top priorities is carried interest - one of the few things Trump and Clinton agreed on during the campaign. Carried interest is currently taxed at 23.8% vs. the top ordinary income tax rate of 39.6%. Like Clinton, Trump wanted carried interest taxed as ordinary income, though Trump would lower the top rate to 33%. Other tax law changes Trump is proposing could cut the effective tax rate further - perhaps to as low as 25%, or just marginally higher than currently. Another big priority is retaining the tax deductibility of interest. Trump wants to give companies the ability to either keep that deduction or pass and gain the ability to immediately expense capital investment. A plan by House Republicans might not be as favorable. Other players: OAK, APO, FIG, ARES HOUSE_OVERSIGHT_026650
Entities Mentioned
Bill Clinton
PERSON
President of the United States from 1993 to 2001 (born 1946)
Donald Trump
PERSON
President of the United States (2017–2021, 2025–present)
Jay Clayton
PERSON
American lawyer
Jeffrey Epstein
PERSON
American sex offender and financier (1953–2019)
RK
Richard Kahn
PERSON • 2 mentions
Radio station in Roy, Utah
Stephen Alpher
PERSON
Steve Schwarzman
PERSON
American businessman and investor
Wilbur Ross
PERSON
United States 39th Secretary of Commerce
Blackstone
ORGANIZATION
Canadian television series
Carlyle Group
ORGANIZATION
American alternative asset management company
eCommerce
ORGANIZATION
Type of business industry usually conducted over the Internet
Nasdaq
ORGANIZATION
American fully electronic stock exchange
SA News Editor
ORGANIZATION
Strategic and Policy Forum
ORGANIZATION
U.S. presidential business forum
Statistics
Pages:1
Entities:14
Avg. OCR:94.3%
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