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Paul Ryan Meets Private Equity Moguls Over Tax Proposal
House Speaker Paul Ryan, who has proposed a tax plan that will inflict some financial pain on PE firms, had dinner on Tuesday with Leon Black and Henry Kravis, 2 powerful PE moguls bent on talking the influential lawmaker out of such a move.
Ryan has proposed a tax plan that would eliminate the ability of companies to deduct interest expenses from their taxable income, thus increasing their tax bill. High debt loads and the ability to deduct the expense comprise the life blood of PE firms.
Black’s Apollo Global Management and Kravis’ KKR & Co. purchase companies by putting down about 30% and borrowing the rest of the cash. By deducting interest on loans, PE-backed companies slash their tax rates by more than half, according to a 2010 study.
Ryan’s plan would tax businesses on their net cash flow giving them the incentive to spend more and borrow less.
