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The tax treatment for the private equity executive doesn't change the returns that a pension fund or somebody who invests with a private equity firm is going to be receiving. In other words, private equity firms are not going to suddenly have less incentive to turn a profit just because they get taxed on their salary like everybody else. And we're talking about such large quantities of money that private equity managers are still going to be paid extremely well. They would be taxed more on those huge payments, but their pay is still stratospherically high compared with everybody else. So carried interest survives and actually survives a very long time before it becomes a political issue all over again by becoming a political issue from the most
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