Published: Dec 10th, 2009

NYT Dealbook: Should Sovereign Funds Be Taxed?

A couple of years ago, Victor Fleischer published a research paper that helped put the entire private equity industry on the defensive about the taxes they paid (or didn’t pay).

Now, Mr. Fleischer, a professor at the University of Illinois College of Law, may be stirring up a new controversy. This one relates to sovereign wealth funds, government-controlled investment pools that have been pumping billions of dollars into troubled American companies.

The issue, according to a post Mr. Fleischer wrote this week for the Conglomerate blog, is that sovereign wealth funds pay no taxes on passive investments made in the United States.

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“the intellectual godfather of private equity tax hikes” – Dealbreaker

I currently teach Deals, Corporate Tax, and Partnership Tax. I have also taught Federal Income Tax, Tax Policy, Venture Capital & Private Equity, and various seminars.

I joined the faculty of the University of Colorado in 2006. I have also taught at UCLA, Georgetown, Illinois, and Columbia. In the Fall of 2010, I will be a visiting professor at the NYU School of Law.

In 2007, a draft version of my paper on carried interest helped prompt Congress to propose Section 710 of the tax code, which would tax a portion of carried interest as ordinary income rather than capital gain. The paper, Two and Twenty: Taxing Partnership Profits in Private Equity Funds, was later published in the NYU Law Review. My research generally focuses on tax policy, investment funds, and entrepreneurship.

This summer, I am working on papers analyzing the tax treatment of founders' stock and entrepreneurship under an income tax and consumption tax.

A Taxing Blog

Victor Fleischer — Associate Professor of Law, University of Colorado.

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