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The 'privileged' hit back on tax proposal : Democrat Biss, in pushing a tax on money managers, becomes persona non grata

Jun 19, 2017 - Crain's Chicago Business

Chicago's private-equity industry once considered gubernatorial candidate Daniel Biss an ally, but his "privilege" tax bill has made the state senator an enemy. The legislation, which passed the Illinois Senate last month and awaits action in the House, would hike taxes on private-equity investment gains to close what Biss calls a loophole benefiting ultra-rich money managers.

A battle over the issue has raged for years at the national level, but the federal government hasn't implemented s...