Inclusive Prosperity Act

H.R. 8 - The American Taxpayer Relief Act of 2012; provisions relating to savings: capital gains and qualified dividends parity, qualified charitable IRA distributions and Coverdell extension, while preserving existing rules for qualified plans/IRA, muni interest, and stretch IRAs H.R. 1864 - Mobile Workforce State Income Tax Simplification Act of 2012; entire bill H.R. 3091 To make permanent the individual income tax rates for capital gains and dividends; entire bill H.R. 3313 Wall Street Trading and Speculators Tax Act; entire bill H.R. 4123 Fair Playing Field Act of 2012; entire bill H.R. 4336 - To amend the Internal Revenue Code of 1986 to extend the exclusion from gross income of discharges of qualified principal residence indebtedness; entire bill H.R. 5746 to amend the Internal Revenue Code of 1986 to modify certain rules applicable to real estate investment trusts, and for other purposes; entire bill H.R. 6206 - Build America Bonds Act of 2012; entire bill H.R. 6411 - Inclusive Prosperity Act; entire bill H.R.6616 To protect securities transactions in the United States from enforcement of certain excise taxes imposed by any foreign government; entire bill H.R.6653 - Independent Contractor Tax Fairness and Simplification Act of 2012; entire bill S. 1549 American Jobs Act; provisions relating to 28% limitations on itemized deductions and exclusion for tax-exempt interest income S. 1647 To make permanent the individual income tax rates for capital gains and dividends; entire bill S. 1787 Wall Street Trading and Speculators Tax Act; entire bill S. 2075 The Cut Unjustified Tax Loopholes Act; entire bill S. 2145 Fair Playing Field Act of 2012; entire bill S. 2230 - Paying a Fair Share Act of 2012; entire bill S. 3485 - Mobile Workforce State Income Tax Simplification Act of 2012; entire bill S. 3521 - Family and Business Tax Cut Certainty Act of 2012; provisions relating to IRA charitable rollovers Tax Extenders/Tax Reform/Deficit Reduction; provisions relating to the importance and value of existing tax incentives designed to promote long-term savings and investment (both qualified and non-qualified) and insurance coverage protection; transitional considerations associated with tax law modifications; financial transaction tax; taxation of U.S. corporations both domestically and internationally FATCA; provisions relating to the implications for in-bound U.S. investments, U.S.-owned asset managers compliance burdens, and global competitiveness of U.S. funds Congressman Dave Camps draft legislation to reform the international tax system Administration FY 2013 budget: provisions relating to life insurers DRD, COLI, independent contractors, financial responsibility taxes, carve-back on high-income taxpayers exclusions (including muni interest and employee contributions to qualified plans) Other draft legislative proposals to provide greater clarity on worker classification/independent contractor criteria

Client expense: $380,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE

Tax Hike Prevention & Business Certainty Act H.R. 3091 and S. 1647 Capital gains and dividend tax rates as they relate to mutual funds General tax issues related to mutual funds (see attached addendum page) Security or financial transaction tax proposals, including H.R. 6411 H.R. 6616 To protect securities transactions in the U.S. from enforcement of certain excise taxes imposed by any foreign government (imposition of foreign financial transaction tax in the U.S.) Tax rules regarding mutual fund investments in commodities Issues related to tax incentives for retirement savings Issues involving commodity related investments Issues related to the tax treatment of exchange traded notes (ETNs) Issues related to limitations or exclusion of municipal bond interest Issues related to fundamental tax reform

Client expense: $610,000 · Firm income: Not reported

Government targets: Federal Reserve System, HOUSE OF REPRESENTATIVES, Labor, Dept of (DOL), SENATE, Securities & Exchange Commission (SEC), Treasury, Dept of

Issues relating to transaction tax and tax treatment on futures and securities. Taxing Speculators out of the Oil Market Act (DeFazio, HR2003); Closing the Derivatives Blended Rate Loophole Act (Levin, S2033); Inclusive Prosperity Act (Ellison, HR6411)

Client expense: $470,000 · Firm income: Not reported

Government targets: Commodity Futures Trading Commission (CFTC), HOUSE OF REPRESENTATIVES, SENATE

Securities Transaction tax (H.R. 6411; H.R. 3313; S. 1787)

Client expense: Not reported · Firm income: $30,000

HR. 6411

Client expense: Not reported · Firm income: Not reported

Government targets: Agriculture, Dept of (USDA), HOUSE OF REPRESENTATIVES, SENATE

HR. 6411

Client expense: Not reported · Firm income: Not reported

Government targets: Agriculture, Dept of (USDA), HOUSE OF REPRESENTATIVES, SENATE

Meetings and calls with Members and staff of House and Senate Committees and agency officials concerning possible legislation, regulatory measures, and Congressional studies on tax reform issues affecting hedge funds and other alternative investments, including: enterprise value, carried interest, and pass-through entities. Regulation of passive investment in U.S. securities and other assets by non-U.S. investors. Tax reform in non-U.S. jurisdictions. Pending legislation on international tax reform. H.R. 8 -- To extend certain tax relief provisions enacted in 2001 and 2003, and to provide for expedited consideration of a bill providing for comprehensive tax reform, and for other purposes. H.R. 2003 -- To amend the Internal Revenue Code of 1986 to impose a tax on transactions in oil futures, options, and swaps, and for other purposes. H.R. 2669 -- To restrict the use of offshore tax havens and abusive tax shelters to inappropriately avoid Federal taxation, and for other purposes. H.R. 3313 -- To amend the Internal Revenue Code of 1986 to impose a tax on certain trading transactions. H.R. 4016 -- To amend the Internal Revenue Code of 1986 to provide for the proper tax treatment of personal service income earned in pass-thru entities. H.R. 6411 -- To impose a tax on certain trading transactions to strengthen our financial security, expand opportunity, and stop shrinking the middle class. S. 1346 -- To restrict the use of offshore tax havens and abusive tax shelters to inappropriately avoid Federal taxation, and for other purposes. S. 1549 -- To provide tax relief for American workers and businesses, to put workers back on the job while rebuilding and modernizing America, and to provide pathways back to work for Americans looking for jobs. S. 1787 -- To amend the Internal Revenue Code of 1986 to impose a tax on certain trading transactions. S. 2075 -- To close unjustified corporate tax loopholes, and for other purposes. S. 3412 -- A bill to amend the Internal Revenue Code of 1986 to provide tax relief to middle-class families. S. 3521 -- Amends the Internal Revenue Code to extend through 2013 expiring tax expenditures for individuals, businesses, and the energy sector.

Tax Hike Prevention & Business Certainty Act H.R. 3091 and S. 1647 Capital gains and dividend tax rates as they relate to mutual funds General tax issues related to mutual funds (see attached addendum page) Security or financial transaction tax proposals, including H.R. 6411 Tax rules regarding mutual fund investments in commodities Issues related to tax incentives for retirement savings Issues involving commodity related investments Issues related to limitations on exclusion of municipal bond interest Issues related to fundamental tax reform

Client expense: $500,000 · Firm income: Not reported

Government targets: Commodity Futures Trading Commission (CFTC), HOUSE OF REPRESENTATIVES, Labor, Dept of (DOL), SENATE, Securities & Exchange Commission (SEC), Treasury, Dept of

Citizens United - NETWORK strongly supports any action, including a Constitutional Amendment, to overturn the Supreme Court HR 6411 - Inclusive Prosperity Act - NETWORK strongly supports this bill to tax financial transactions by a small percentage. Child Tax Credit (CTC) and Earned Income Tax Credit (EITC) - NETWORK strongly supports the continuation of these expenditures, including the additional support provided through the recovery act.

Client expense: $95,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, Homeland Security, Dept of (DHS), SENATE, State, Dept of (DOS)

H.R. 1864 Mobile Workforce State Income Tax Simplification Act of 2012; entire bill H.R. 3091 To make permanent the individual income tax rates for capital gains and dividends; entire bill H.R. 3313 Wall Street Trading and Speculators Tax Act; entire bill H.R. 4123 Fair Playing Field Act of 2012; entire bill H.R. 4336 - To amend the Internal Revenue Code of 1986 to extend the exclusion from gross income of discharges of qualified principal residence indebtedness; entire bill H.R. 5746 to amend the Internal Revenue Code of 1986 to modify certain rules applicable to real estate investment trusts, and for other purposes; entire bill H.R. 6206 - Build America Bonds Act of 2012; entire bill H.R. 6411 - Inclusive Prosperity Act; entire bill S. 1549 American Jobs Act; provisions relating to 28% limitations on itemized deductions and exclusion for tax-exempt interest income S. 1647 To make permanent the individual income tax rates for capital gains and dividends; entire bill S. 1787 Wall Street Trading and Speculators Tax Act; entire bill S. 2075 The Cut Unjustified Tax Loopholes Act; entire bill S. 2145 Fair Playing Field Act of 2012; entire bill S. 2230 - Paying a Fair Share Act of 2012; entire bill S. 3485 - Mobile Workforce State Income Tax Simplification Act of 2012; entire bill S. 3521 - Family and Business Tax Cut Certainty Act of 2012; provisions relating to IRA charitable rollovers Tax Extenders/Tax Reform/Deficit Reduction; provisions relating to the importance and value of existing tax incentives designed to promote long-term savings and investment (both qualified and non-qualified) and insurance coverage protection; transitional considerations associated with tax law modifications; financial transaction tax; taxation of U.S. corporations both domestically and internationally Estate Tax; provisions relating to the need for clarification as to post-2012 treatment as to elections made under P.L. 111-312 FATCA; provisions relating to the implications for in-bound U.S. investments, U.S.-owned asset managers compliance burdens, and global competitiveness of U.S. funds Congressman Dave Camps draft legislation to reform the international tax system Administration FY 2013 budget; provisions relating to life insurers DRD, COLI, independent contractors, financial responsibility taxes Other draft legislative proposals to provide greater clarity on worker classification/independent contractor criteria

Issues relating to transaction tax and tax treatment on futures and securities. Taxing Speculators out of the Oil Market Act (DeFazio, HR2003), Closing the Derivatives Blended Rate Loophole Act (Levin, S2033), Inclusive Prosperity Act (Ellison, HR6411)

Client expense: $470,000 · Firm income: Not reported

Government targets: Commodity Futures Trading Commission (CFTC), HOUSE OF REPRESENTATIVES, SENATE

Securities Transaction tax (H.R. 6411; H.R. 3313; S. 1787)

Client expense: Not reported · Firm income: $30,000