The Finance 202: Trump pledged to slash a key break for investment managers. Here's the inside story of how he failed.

begin quote“What they’re doing isn't meaningful. It’s kind of a bad joke, really,” says Victor Fleischer, a law professor at the University of San Diego who first brought policymakers’ attention to the provision more than a decade ago.

It’s arguably the biggest mystery in the story behind the GOP’s massive tax overhaul: How did the carried interest provision — a quirk of the code benefiting the wealthiest of the wealthy, one that President Trump campaigned on eliminating — manage to endure largely intact in the final product? 

It’s arguably the biggest mystery in the story behind the GOP’s massive tax overhaul: How did the carried interest provision — a quirk of the code benefiting the wealthiest of the wealthy, one that President Trump campaigned on eliminating — manage to endure largely intact in the final product? 

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