With executive action the Obama Administration could help to solve one of the biggest economic issues facing our nation and the world. The tax breaks for carried interest help hedge fund managers pay a lower tax rate than the average American ends up paying (20% or so). We can go a long way towards helping fix income inequity by doing all we can to ensure everyone pays their fair share in taxes.
This tax loophole was never passed into law by Congress. It was created by the IRS in 1993 and can be reversed with executive action. Sweeping tax reform isn't happening, so let's fix what we can without Congress.