MFA Spent $660,000 on Hedge Tax Lobby

Date: Friday, June 20, 2008
Author: HFN Daily Report

The Managed Fund Association spent $660,000 in the first quarter to lobby against a proposed hedge fund tax hike, a filing revealed.

The MFA also lobbied against the proposed offshore tax shelter ban as well as a bill requiring that every pension plan disclosed its hedge fund portfolio.

In 2007, the MFA spent $1.9 million.

A bill Rep. Charles Rangel (D-N.Y.) introduced in 2007 aimed at raising hedge fund tax to as much as 35% from 15%. The hedge fund industry has faced criticism for having a low tax rate.

Aside from Capitol Hill, the MFA has also lobbied the Internal Revenue Service, the Treasury Department, the Community Futures Trading Commission, the Federal Reserve and the SEC.