Alarming reports in today's papers saying that former Secretary of the Treasury Robert Rubin thinks there should be higher taxes on carried interest or, as I like to call it, a private equity tax penalty.  I'm hopeful that he was thrown off by the misleading nature of the question to which he was responding.  From the NYT:

"Is it an employee doing a service and getting a fee, or is it more like a business owner selling their business at a profit?"

I say it is option three: an employee who owns the business selling it at a profit!

For a more thorough update on the goings-on regarding the tax issues that affect fund managers, read this report from Bloomberg's Ryan J. Donmoyer, perhaps the greatest tax reporter of his generation.