A good day for Private Equity

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The private equity industry suffered almost no losses in yesterday's PBR. And it was much the same in the States. The Tax Prof Blog reports that the front page story in today's Washington Post is:

Buyout Firms to Avoid a Tax Hike; Reid Passes Word Senate Won't Act

Senate Majority Leader Harry M. Reid (D-Nev.) has told private-equity firms in recent weeks that a tax-hike proposal they have spent millions of dollars to defeat will not get through the Senate this year, according to executives and lobbyists. Reid's assurance all but ends the year's highest-profile battle over a major tax increase. Democratic lawmakers, including some presidential candidates, had been pushing to more than double the tax rate on the massive earnings of private-equity managers, who the Democrats say have been chronically undertaxed.

Seems like it was a good day for them over there too.

But we won't be going away.