Many of Donald Trump’s policy plans remain mysterious. For every promise to bring back jobs to America, there are intractable impediments like rising robot technology that means certain manufacturing jobs aren’t just going to Mexico and China — they’re going away. (Unless America builds the robots, as Mark Cuban implores Trump to invest in.) But one thing on Trump’s agenda that has been unchanged for a while is his desire to do away with what’s called the “carried interest” tax loophole. Trump has said he wants to get rid of carried interest even though it benefits him personally. Vanquished Dem candidate Hillary Clinton wanted to dump carried interest too.
With Trump about to enter office, Chuck Schumer, a powerful Democratic leader in the Senate, says that while he’ll adamantly oppose Trump policy he disagrees with, he’ll work with the new president on things like eliminating carried interest. Even Warren Buffett has said the carried interest is a benefit that the rich, like him, don’t need.