In its quest for permanent capital, Lloyd's may have to scrap the annual venture.
Falcone now seems to be focused on permanent capital vehicles like Harbinger Group.
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The move gave the firm permanent capital with which to expand, but exposed it to the vicissitudes of stockmarkets and, some felt, loosened the ties that had bound the firm's leaders closely together.
Had they switched into new bonds paying more like 12%, those bonds would have been called away as interest rates subsided in the late 1980s, and the investors would have suffered a permanent erosion of capital.
It also wants an expanded Earned Income Tax Credit, an expanded saver's credit and a permanent exclusion from capital gains taxes on small business investment. (Does anyone think green energy tax credits will vanish anytime soon?) One ghost that keeps returning: the research credit, first introduced in 1981, which allows companies to write off a portion of their research and development expenses.
Many business executives have refrained from expanding their permanent staffs or pursuing costly capital projects because of the ongoing uncertainty about the economy.
The fiscal-cliff deal made the qualifying dividends and long-term capital gains tax rates permanent.
Taxing capital income at a permanent average rate of 20% instead of the current average of 37% would yield substantial benefits.
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Congress should make permanent the 2003 Bush tax cuts on income and capital gains.
As if to demonstrate that capital is mobile, Mr Mobius has no permanent residence in the conventional sense (he owns flats in Germany, Singapore and elsewhere mainly for investment purposes).
"I don't think there's a magic number as to the total that we need to have in the final budget, but it does need to accommodate permanent family child credits, and it needs to accommodate broad-based capital gains relief, " said Rep. Bill Archer (R-Tex.).
Of course, all this assumes that the low dividend and capital gains rate, now set to expire at the end of 2008, is made permanent and that the highest tax rate of 35% for ordinary income doesn't rise.
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