Two senators filed a bill today titled "Ending the Carried Interest Loophole Act." Senate Finance Committee Chairman Ron Wyden (D-Ore.) and committee member Sheldon Whitehouse (D-RI) filed legislation that, if passed, would repeal the carried interest tax loop.

Carried interest is a share of a private equity or fund's profits that serve as compensation for fund managers and is taxed at favorable rates. Although private equity and hedge fund operators are typically mentioned as the target of the tax changes, real estate fund managers and developers are also sectors that benefit from the treatment.

It is an understatement to say it is an important tax break for the industry. 

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