``Executives at investment partnerships including private-equity firms and hedge funds have won a four- year battle with congressional Democrats over increasing taxes on a large portion of their pay... The omission closes the door on efforts by Democrats to change the tax treatment of carried interest. Carried interest is the compensatory share of an investment partnership’s profits that fund managers receive as part of their pay. The pay can qualify for the 15 percent capital gains tax treatment even though it’s a return on labor rather than capital invested. ''

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