Carried Interest Sparks Bipartisan Tax Debate

Although reform legislation on carried interest has passed the House four times since 2007 only to die in the Senate, the turmoil over GOP presidential candidate Mitt Romney tax situation gives the issue new momentum. The current debate differs from previous tussles over carried interest because Mr. Romney puts a human face on an esoteric topic. “There is now a real-life example,” said Taxation Partner Bradley Van Buren. “You'll see how this carries through to his tax return. This might resonate more with the public.”