After the news hit that Congress would not seek a bill to hike taxes on the carried interest of private equity funds, many people, including me, thought the issue was dead. Turns out that judgment may be premature. There is a move underway to at least keep the issue alive, though I still doubt we'll see it emerge as a Presidential campaign issue. The House of Representatives' proposal to increase taxes will not get through the Senate this year. Still, it has succeeded in keeping the issue hot. The flames were fanned by Warren Buffett, who has thrown his weight behind the idea as a way to return fairness to the tax code. The lobbying will be intense. And the battle will be intense. A decisive battle is coming next year.   

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- here's an update