This tax loophole costs $180bn a decade. Why won’t Democrats close it? | Robert Reich

The sole reason the carried interest' loophole survives is fierce lobbying by the private equity industry

Anyone remember the carried interest" loophole that lets hedge fund executives and private equity managers - among the wealthiest people in America - pay a tax rate no higher than most Americans? It's a pure scam. They get the tax break even though they invest other peoples' money rather than risk their own.

Barack Obama promised to get rid of the loophole. He failed. So, remarkably, did Donald Trump. Guess what happened? Nothing.