The Defender of Private Equity Tax Rates

Steve Judge might as well have a “kick me” sign pinned to the backside of his nicely tailored trousers. In January, the veteran Washington lobbyist was named president and chief executive officer of the Private Equity Growth Capital Council in Washington, which is a fancy way of saying he’s the head cheerleader for some of the nation’s richest—and, at the moment, least popular—people. Sure, the pay is good: about $1 million a year. But here’s his job: protecting the 15 percent tax rate for private equity managers at Blackstone Group (BX), KKR (KKR), and the Carlyle Group, among others, while many average Americans are taxed at a much higher rate on their income.