A Costly and Unjust Perk for Financiers

Of the many injustices that permeate Americaâ??s byzantine tax code, few are as outrageous as the tax rate on â??carried interestâ? â?? the profits made by private equity and hedge fund managers, as well as venture capitalists and partners in real estate investment trusts. This huge tax benefit enriches an already privileged sliver of financiers and violates basic standards of fairness and common sense.