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WASHINGTON – Democrats stoked the fires of outrage during the 2012 presidential election over millionaire Republican Mitt Romney’s low effective tax rate of 14 percent. A special tax loophole for hedge fund and private equity investors, so “fat cats’’ like Mitt Romney can pay taxes at a much lower rate than many regular Americans? The target was simple in its appeal to populist anger.
But a year later, the heated Democratic rhetoric of campaign season has fizzled. Concerted initiatives from the White House and Democrats in Congress to close the “carried interest’’ loophole for hedge fund and equity managers have failed to materialize.