Carried Interest Fairness Act of 2015

H.R. 2889, the Carried Interest Fairness Act of 2015, seeks to change how investment fund managers are taxed on their share of a fund's profits, commonly known as "carried interest." Under current law, this income is often taxed at the lower capital gains rate; this bill would require it to be taxed at higher ordinary income tax rates, similar to standard wage earnings. Additionally, the legislation would subject this income to self-employment taxes and increase penalties for underpayments related to these types of partnership interests.