taxable to individuals at a maximum 20% rate. Because the 20% profits share typically is the bulk of the manager’s compensation, and because this compensation can reach, in the case of the most successful funds, enormous figures, concern has been raised, both in Congress and in the media, that managers are taking advantage of tax loopholes to receive what is effectively a salary without paying the ordinary 39.6% marginal income tax rates that an average person would have to pay on such income. To address this concern, Congressman Sander M. Levin introduced , which would eliminate the ability of persons performing investment adviser or similar services to partnerships to receive capital gains tax treatment on their income. However, the Treasury Department has suggested, both in testimony before the Senate Finance Committee and in public speaking engagements, that altering the tax treatment of a single industry raises tax policy concerns, and that changing the way partnerships in general are taxed is something that should only be done after careful consideration of the potential impact. Congressman Charles B. Rangel included a revised version of H.R. 2834 as part of the "Mother of All Tax Reform" and the 2007 House extenders package. A line item on taxing carried interest at ordinary income rates was included in the Obama Administration's 2008 Budget Blueprint. On April 2, 2009, Congressman Levin introduced a new and substantially revised version of the carried interest legislation as . On May 28, 2010, the House approved carried interest legislation as part of amendments to the Senate-passed version of . On February 14, 2012, Congressman Levin introduced . Publicly traded partnerships In mid-2007, the Blackstone group, a major private equity fund, went public. Ordinarily, a publicly traded partnership is taxed as a corporation. There is, however, an exception for publicly traded partnerships earning only “passive-type” income, such as interest and dividends. Although the investments made by a private equity fund are actively managed, Blackstone took the position that the investments they engaged in fell squarely within literal language of this exception to the usual treatment for publicly traded partnerships. To address what they viewed as a loophole in the law, Senators Baucus and Grassley introduced S. 1624, which would remove the ability for publicly traded partnerships performing asset-management and related services to avoid being taxed as corporations. The result of this bill would be to change the tax treatment of private