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Uncle Sam Hates to Love VC's [Roundup]

TheFunded.com News

Posted by Admin on 2009-07-15

PUBLIC:

The relationship between venture capitalists and the United States government has gained a lot of attention over the last couple of days. Here's the roundup:

The Government Complains About Paying VC Fees: In a Churchill Club interview, the California State Controller tells Mike Mortiz of Sequoia Capital that venture capitalists are not deserving of the standard "2 and 20" fee structure. This comment was ignored by Moritz. - Partial Clip (watch at minute 2:00) and Full Interview

Especially Considering VCs Aren't Paying Full Taxes: Venture capital bonuses generated from carried interest is taxed at a capital gains rate of 15%. Should billions in bonuses for managing other people's money be considered ordinary income or not? VCs think that they are special, despite other money managers saying the battle for capital gains treatment “is 90 percent of the way to lost.” - New York Times

And Also Considering VCs Aren't Regulated: The current financial reforms proposed by the Obama Administration require that VCs register with the SEC, despite heavy lobbying otherwise by the NVCA: "We think it is the wrong time to burden U.S. venture investors, and thus capital flow to innovative entrepreneurs, with regulation that is not needed nor desired by investors in VC funds." - Here and Here and FinancialStability.gov

But, VCs Are Tapping More Federal Cash: Legislation is close to passing that allows venture funded companies to access $2.2 Billion of SBIR and STTR monies. - Forbes and BizTaxLaw

And New State Cash is Being Tapped, Too: Tennessee enters "fund of funds" business with an $84 MM commitment. - Here

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