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who have had carried interest taxed at capital gains rates
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since the 1930s,
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are sort of wondering where the whole discussion is coming from.
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In other words,
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this has been going on for longer than I've been alive--
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that this has been a capital gains treatment item.
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The way carried interest works is,
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we get a 20% share of the profits of any investment
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over some type of hurdle rate, which is a minimum return.
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In our case, usually it's around 8%.
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To get this carried interest,
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we have to invest significant monies in our funds,