The "carried interest" tax loophole allows billionaire hedge fund and private equity managers to pay a 20% tax rate instead of the 39.6% income tax rate.
The President should persevere with his commitment to close this loophole despite heavy lobbying by the financial industry to keep it.
For more information, please see:
http://www.nytimes.com/2013/02/25/opinion/carried-interest-an-unjust-pri...
http://finance.fortune.cnn.com/2012/02/13/obama-budget-targets-carried-i...