Connect with us

Business

The Carried Interest Loophole Survives Another Political Battle

Published

on

“Carried interest has become the MacGuffin of the I.R.A. saga,” said James Lucier, an analyst at Capital Alpha Partners, a policy research firm in Washington, describing it as a literary device that authors include merely to make plots more interesting. “The MacGuffin distracted attention from the really important things going on in the story to make the startling conclusion even more surprising in the end.”

On Friday, some progressive policy experts shrugged off the elimination of the carried interest provision, which they considered only a modest improvement over current law.

“The proposal that was in the bill until last night made a technical adjustment in the holding period for assets that qualified for carried interest treatment,” said Jean Ross, a senior fellow at the Center for American Progress, a liberal research group in Washington. “A better approach would tackle the issue head-on and say that compensation for services managing an investment fund should be taxed like work and subject to ordinary tax rates.”

Ms. Ross added that she was pleased by the addition of the tax on stock buybacks, which some Democrats and their allies have long supported, arguing that companies are spending too much money buying back their own shares, rather than investing in research and development or giving workers raises.

Ms. Sinema herself has said little about why she considered it so important to preserve the carried interest tax treatment. She has said that she plans to work on legislation with Senator Mark Warner, Democrat of Virginia, to address the loophole. But if the legislation is not included in the current package, which is being fast-tracked under an arcane budget process, any reform will require support from at least 10 Republicans.

“I think we reached agreement that there are areas where there’s been abuse,” Mr. Warner said in an interview, adding, “I’m disappointed it didn’t get in this bill, but I’m looking forward to working with Senator Sinema — and others — to see if we can address this.”

In a statement on Thursday, Ms. Sinema said, “We have agreed to remove the carried interest tax provision, protect advanced manufacturing and boost our clean energy economy in the Senate’s budget reconciliation legislation.”

Emily Cochrane contributed reporting.

Read the full article here

Advertisement

A journalist since 1994, he also founded DMGlobal Marketing & Public Relations. Glover has an extensive list of clients including corporations, non-profits, government agencies, politics, business owners, PR firms, and attorneys.

Business

ByBlack, Powered by U.S. Black Chambers, Awards $1,000 Microgrant to Student Entrepreneur at 2025 Durag Fest in Charlotte, NC

Published

on

(CHARLOTTE – July 17, 2025) – In a collaboration to spotlight the next generation of Black entrepreneurs, ByBlack, powered by the U.S. Black Chambers, Inc. (USBC), and the DuGhood Foundation launched the “Pop Up & Pitch” Grant Competition during the 7th Annual Durag Fest, a vibrant Juneteenth celebration of Black creativity and culture in Charlotte, North Carolina.

The competition awarded a $1,000 microgrant and business development package to student entrepreneur Aalliyeh Clinton, founder of Monneah’s Engineered Materials, whose innovative, bio-friendly, and culturally inspired lab coats captured the attention of the live audience and expert judging panel. Clinton, a Morgan State graduate and current Johns Hopkins University graduate student, is redefining STEM apparel by infusing fashion, sustainability, and cultural identity into the lab space.

Hosted by Zhané Chesson, Co-Founder of So You Graduated, Now What?, finalists had 5 minutes to present their ventures before a live audience and panel of judges, including:

Finalists included Zion Asamoah (Goons and Goblins Clothing), Kenan Moore (Historically Cultured), Avianna Corbett (Lucky Spot Nail Spa), Kneisha Gabriel (KneishaX LLC), and Aalliyeh Clinton (Monneah’s Engineered Materials). After two compelling rounds, Clinton emerged as the winner, earning not just the microgrant, but a full business support package including:

“This opportunity isn’t just about funding—it’s about creating visibility, connection, and momentum,” said Alicea Gay. “ByBlack exists to elevate Black-owned businesses through access, exposure, and certification. Supporting young innovators like Aalliyeh reflects our mission to build a stronger ecosystem for the next generation of Black entrepreneurs.”

Clinton aims to reimagine what lab gear looks like and represents. “This grant and the resources that come with it are game-changing,” said Clinton. “I want scientists to feel seen, inspired, and proud of their culture even in sterile lab spaces. Monneah’s is about representation in research—where fashion meets innovation.”

The ByBlack Platform, powered by the U.S. Black Chambers, Inc., is the nation’s first national certification program and digital directory exclusively dedicated to Black-owned businesses. Created to address the historical lack of visibility and access faced by Black entrepreneurs, ByBlack provides both Verified and Certified business listings, enabling companies to gain formal recognition, connect with consumers actively seeking to support Black-owned brands, and unlock contracting and partnership opportunities with major corporations and government agencies.

Durag Fest, held annually in Charlotte in honor of Juneteenth, is a celebration of Black creativity, culture, and community. This year’s festival served as the perfect stage to highlight student entrepreneurs shaping the future.“Durag Fest has always been about celebrating the fullness of Black expression, from culture and creativity to enterprise,” said Lisa Michelle, Founder of Durag Fest. “Partnering with ByBlack to spotlight student entrepreneurs brings that vision to life. Aalliyeh and all the finalists remind us that our culture fuels innovation, and when we invest in young talent, we invest in our collective future.”

“Events like this bring our mission full circle,” said Cathay Dawkins of CMBCC. “Supporting youth entrepreneurship aligns with our goal of building wealth and networks locally. We encourage all Charlotte-based business owners to get involved—especially now, with discounted memberships available. Partnering with USBC and ByBlack opens doors that lead to funding, mentorship, and national recognition.”

Advertisement

For more information on ByBlack and how to certify or list your business, visit www.byblack.us.

___________________

About USBC:

The U.S. Black Chambers, Inc. (USBC) provides committed, visionary leadership and advocacy in the realization of economic empowerment. Through the creation of resources and initiatives, we support a network of African American Chambers of Commerce and business organizations in their work of developing and growing Black enterprises. Learn more at usblackchambers.org.

Continue Reading

Business

CIAA Tournament to Remain in Baltimore Through 2029: A Continued Celebration of Black Excellence

Published

on

(CHARLOTTE – July 20, 2025) — It’s official: the CIAA Men’s and Women’s Basketball Tournament will remain in Baltimore through 2029. The news, announced last month, cements Charm City’s position as the long-term home of one of the nation’s most significant celebrations of Black collegiate athletics and culture.

Announced on June 18, 2025, by the Central Intercollegiate Athletic Association (CIAA), the extension comes after years of successful collaboration between the City of Baltimore, state leadership, local businesses, and the CIAA. Since its in-person debut in Baltimore in 2022, the tournament has proven to be more than a sporting event—it’s a cultural cornerstone, a family-friendly celebration, and a powerful economic engine for the region.

“Baltimore’s leadership continues to demonstrate the importance of the CIAA to its community and culture,” said CIAA Commissioner Jacqie McWilliams Parker. “They understand and value the event’s impact, one that extends far beyond the game.”

A Cultural and Economic Powerhouse
Far more than a sporting event, the CIAA Tournament has emerged as a national gathering point for Black excellence. With events such as Education Day, Fan Fest, and the Career Expo, the weeklong celebration draws tens of thousands of fans, alumni, and students—energizing the city and strengthening ties across generations.

According to Visit Baltimore and city officials, the 2025 tournament generated a $27.4 million economic impact, with $19.8 million in direct spending. It supported 1,487 jobs and contributed $2.4 million in state and local taxes.

According to Visit Baltimore and city officials, the 2025 tournament generated a $27.4 million economic impact, with $19.8 million in direct spending. It supported 1,487 jobs and contributed $2.4 million in state and local taxes. Since arriving in Baltimore, the tournament has generated over $109 million in economic impact, with $4.8 million spent with minority-owned businesses.

Strong Public and Private Support
This continued success is backed by a coalition of stakeholders, including Governor Wes Moore, Mayor Brandon Scott, Visit Baltimore, and the Local Host Committee, along with community organizations and HBCU leaders.

“The CIAA is more than a basketball tournament; it’s a cultural institution,” said Governor Moore. “Its continued presence will not only boost our economy but also advance our shared commitment to equity and opportunity for all Marylanders.”

Baltimore-based powerhouse Under Armour will also extend its sponsorship through 2029, reinforcing its deep local roots and commitment to student-athletes. “This collaboration goes far beyond apparel,” said CEO Kevin Plank. “It represents shared values, community impact, and a commitment to excellence.”

Additionally, the city, state, and partners have collectively contributed $1.6 million to the CIAA General Scholarship Fund, benefiting students at the 13 CIAA-member HBCUs.

HBCU Legacy, DMV Access
As the nation’s oldest historically Black athletic conference, the CIAA (founded in 1912) continues to set the bar for Division II sports, equity, and academic achievement. Its tournament brings alumni and supporters from across the country, and Baltimore’s central location in the DC-Maryland-Virginia (DMV) region makes it a perfect hub. It’s also home to Bowie State University, the only CIAA school in Maryland.

Advertisement

“This tournament isn’t just basketball games. It’s a celebration of Black culture, Black history, and Black excellence,” said Mayor Brandon Scott. “We are proud to serve as its home.”

Looking Ahead
With the tournament locked in through 2029, Baltimore has a unique opportunity to deepen its legacy as a national beacon of Black cultural celebration, economic growth, and educational empowerment.

The next CIAA Men’s and Women’s Basketball Tournament will be held February 24 to March 1, 2026, at CFG Bank Arena.

To learn more about the CIAA and its impact, visit theciaa.com.

Continue Reading

Business

OAKLAND: Safeguarding Your Business

Published

on

OAACC partners with PNC Bank offering a variety of topics for business owners. FREE event, but please RSVP NOW for planning purposes.

By Oakland African American Chamber of Commerce (OAACC)

(OAKLAND – April 10, 2023) – OAACC is pleased to invite members of local multicultural chambers of commerce to a business networking mixer and presentation entitled “How to Safeguard Your Business in 2023”. Sponsored by PNC Bank, the presentation will cover a variety of topics top of mind of business owners and professionals in the current business climate, including:

  • Assessing the safety and security of banks and financial institutions,
  • Diversifying investments in inflationary times
  • Protecting your business against fraud

Our moderated panel will feature Megan Schoettmer, Regional President, PNC Bank, Christian Dean, OAACC Board of Directors and Business Center Manager, PNC Bank, Charles Kwan, Investment Advisor, PNC Investments, and Dhaval Shah, Business Banking Manager, PNC Bank.

Light refreshments will be served.

The event is complimentary, but please RSVP NOW for planning purposes.

Continue Reading

Trending