,,iv  #aad? ,,congress  #a/ ,session    
,h4 ,,res4 #dfd  ,,9 ,,! ,,h\se ,,(     
,,repres5tatives  ,octob] #f1 #bjae ,mr4
 ,conaway 7= himself1 ,mr4 ,all51 ,mr4  
,c>t] ( ,texas1 ,mr4 ,coll9s ( ,new     
,york1 ,mr4 ,bab91 ,mrs4 ,blackburn1    
,mr4 ,b\/any1 ,mr4 ,f>5?old1 ,mr4       
,flores1 ,mr4 ,franks ( ,arizona1 ,mr4  
,gohm]t1 ,mr4 ,hudson1 ,mr4 ,hurt (     
,virg9ia1 ,mr4 ,la,malfa1 ,mr4 ,lamborn1
 ,mr4 ,lucas1 ,mr4 ,luetkemey]1 ,mr4    
,m>*ant1 ,mr4 ,mc,henry1 ,mr4 ,mooney ( 
,we/ ,virg9ia1 ,mr4 ,olson1 ,mr4 ,pe>ce1
 ,mr4 ,rokita1 ,mr4 ,salmon1 ,mr4       
,sessions1 ,mr4 ,smi? ( ,texas1 ,mr4    
,/iv]s1 ,mr4 ,web] ( ,texas1 & ,mr4 ,"y 
( ,indiana7 submitt$ ! foll[+           
resolution2 :i* 0 ref]r$ to ! ,committee
 on ,ways & ,means1 & 9 addition to !   
,committee on ,f9ancial ,s]vices1 = a   
p]iod to be subsequ5tly det]m9$ by !    
,speak]1 9 ea* case = consid]ation ( su*
 provisions z fall )9 ! jurisdiction ( !
 committee conc]n$  ,,resolution        
,affirm+ t private equity plays an      

important role 9 gr[+ & /r5g!n+ ,unit$  
,/ates bus9esses ?r\gh\t all sectors ( !
 economy & 9 e ,/ate & congressional    
di/rict & t x has fo/]$ significant     
inve/m5t 9 ! ,unit$ ,/ates economy4     
,:]eas private equity & gr[? capital is 
an indu/ry t p>tn]s ) p5sions1          
f\ndations1 & end[m5ts to inve/ ov] !   
long t]m 9 promis+ companies 9 ne$ ( a  
turn>\nd & pois$ = gr[?2 ,:]eas private 
equity inve/$ m ?an #ebb1jjj1jjj1jjj 9  
,unit$ ,/ates-bas$ bus9esses la/ ye> & m
 ?an #d1egg1jjj1jjj1jjj ov] ! pa/ #aj   
ye>s2 ,:]eas ! corn]/one ( ! private    
equity bus9ess model is gr[+ & /r5g!n+  
companies ov] ! long t]m to create      
/rong] bus9esses & return value to      
inve/ors2 ,:]eas private equity         
p>tn]%ips help br+ toge!r managem5t     
exp]tise ) inve/m5t capital2 ,:]eas l[  
taxes on long-t]m capital ga9s income is
 a fundam5tal "p ( fo/]+ long-t]m       
inve/m5t 9 ! ,unit$ ,/ates1 & private   
equity relies on long-t]m capital ga9s  
income to inc5tivize inve/m5t2 ,:]eas   

private equity funds inve/ 9 a div]se   
set ( indu/ries & sectors ( ! ,unit$    
,/ates economy1 includ+ manufactur+1    
heal? c>e1 in=mation te*nology1 bus9ess 
s]vices1 en]gy1 & o!rs2 ,:]eas private  
equity inve/m5t drives economic gr[?    
?r\gh\t ! ,nation & helps ,unit$ ,/ates 
bus9esses compete globally2 ,:]eas m ?an
 #bd1jjj private equity-own$ bus9esses  
are bas$ 9 ! ,unit$ ,/ates & employ     
approximately #aa1cjj1jjj p 9 ! ,unit$  
,/ates2 ,:]eas mo/ private equity       
inve/m5t spans betwe5 #c & #g ye>s2     
,:]eas public p5sion funds' m$ian       
#aj-ye> annualiz$ returns on inve/m5ts 9
 private equity outp]=m all o!r asset   
classes1 includ+ public equity1 real    
e/ate1 & fix$ income2 ,:]eas policymak]s
 %\ld treat all simil>ly situat$        
p>tn]%ips1 su* z private equity1 v5ture 
capital1 & real e/ate1 equally2 ,:]eas  
tax policy %\ld inc5tivize capital      
access1 inve/m5t1 & innovation2 ,:]eas  
appropriately tax+ capital ga9s income  
is fundam5tal to _m bus9ess p>tn]%ips1  

includ+ private equity p>tn]%ips2 ,:]eas
 ! key crit]ion = capital ga9s treatm5t 
is if ! taxpay] has made an             
entrepr5eurial inve/m5t ( capital1      
exp]tise1 or bo? 9 a capital asset2     
,:]eas private equity g5]al p>tn]s      
develop bus9ess plans1 hire & manage    
s5ior corporate executives1 & p>ticipate
 9 ! ongo+ corporate gov]nance = ! firms
 _! funds inve/ 92 ,:]eas ! ga9s ( a    
private equity fund are a direct result 
( ! significant exp]tise inve/$ by !    
g5]al p>tn]s & ^! ga9s h always be5     
appropriately tax$ z capital ga9s income
 = all p>tn]s2 ,:]eas mis*>act]iz+ c>ri$
 int]e/ income z ord9>y income w        
disc\rage ! =mation ( private equity    
p>tn]%ips & r$uce ! entrepr5eurial      
risk-tak+ necess>y to build bus9esses2 &
 ,:]eas private equity firms are        
ess5tial to a heal?y1 gr[+ ,unit$ ,/ates
 economy & private equity inve/m5ts c   
unlock economic value1 trans=m          
indu/ries1 & put ! ,nation back to "w3  
,n[1 !re=e1 be x  ,t-- 7#a7 ! ,h\se (   

,repres5tatives affirms t private equity
 plays an important role 9 gr[+ &       
/r5g!n+ ,unit$ ,/ates bus9esses ?r\gh\t 
all sectors ( ! economy & 9 e ,/ate &   
congressional di/rict & t x has fo/]$   
significant inve/m5t 9 ! ,unit$ ,/ates  
economy2 &  7#b7 x is ! s5se ( ! ,h\se (
 ,repres5tatives t ,congress %\ld ma9ta9
 normative tax policy t c>ri$ int]e/    
income result+ f ! sale ( a capital     
asset is capital ga9s income4