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Tax increases for private equity firms have become the favorite populist pander tax proposal for Democrats. A new study showing that efforts to treat carried interest as ordinary income wouldn't generate much new revenue. Will this dissuade Democratic lawmakers and presidential candidates from pushing this? Likely not, according to Charlie Rangel's spokesman. CBO already told them this and now Professor Michael Knoll's study corroborate what many conservatives have argued: firms will restructure and work around new legislation. But these issues have long since ceased to be about revenue but rather are tools in the class envy wars. Expect Rangel, not to mention the Democratic hopefuls, to keep banging the drum on this one.

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