Excerpt: [O]pponents of changing the tax treatment of carried interest have turned to a different kind of argument. They have claimed that all is not as it seems. A tax increase on carried interest may appear to be a tax increase levied primarily on the extremely high-income individuals who manage multi-billion dollar private equity funds. But really, the burden of the tax (in economic terms, its 'incidence') would be shifted to more sympathetic groups, such as employees whose pensions are invested in private equity funds.  MORE >>