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Senate Democrats take aim at carried interest Getty Images Legislation that would end carried interest for investment managers was introduced Wednesday by a group of Senate Democrats. The proposed Carried Interest Fairness Act would take away the current 20% long-term capital gains tax rate, leaving investors to pay ordinary income tax rates of up to 37%. It would have a large effect on income that private equity and other alternative managers, for example, receive as compensation. The Joint Committee on Taxation estimates that making the change would raise $15 billion in revenue over 10 years. Introduced by Sens. Tammy Baldwin of Wisconsin, Joe Manchin of West Virginia and Sherrod Brown of Ohio, the legislation is co-sponsored by 11 other Democratic senators.

United statesWest virginiaDonald trumpTammy baldwinSherrod brownJoe manchinJoe bidenCommittee on taxationSenate democratsCarried interest fairness actJoint committeeWall streetPresident donald trumpPresident joe bidenWhite houseAmerican families plan