If you were to sit down with a focus group and a whiteboard, you would have a hard time coming up with a policy with less populist appeal than the nearly three-decades-old loophole that cuts private equity billionaires’ tax rate almost in half.

The carried-interest loophole, Barack Obama said, upset “the balance between work and wealth.” Donald Trump claimed the fund managers who availed themselves of this tax break were “getting away with murder.” Joe Biden, like both of his predecessors, ran for president on a pledge to end it. READ MORE