Carried Interest Taxation
So I just read that Biden wants to start taxing carried interest at ordinary income rates. As someone that just reached the holy grail of carry, I'm punching air because it sounds like bs, but tbh have no idea what it means. Was it previously only taxed upon realization whereas now he wants to mark it to market and tax you on those gains annually? Won't we just find a way to value our carry at minimal amounts until it is actually realized if he does go through with this?
Can some senior monkeys with experience / actual carry shed some light on this?