Earlier this year, an article by Victor Fleischer, a professor now at the University of Illinois College of Law, helped turn a technical aspect of partnership taxation into the most contentious tax policy issue of 2007. Members of Congress, the George W. Bush administration, the 2008 presidential candidates, academic commentators,...

Critics have renewed their calls to tax the carried interest as ordinary income. Unfortunately, the populist rhetoric used by some critics can obscure the facts about how carried interest is actually taxed.

The proper treatment of carried interest depends upon a number of unresolved economic issues.

No serious observer of the Federal Housing Administration (FHA) believes its financial future is bright. But few recognize just how troubled this government agency really is.

The Access to Capital Coalition claims raising taxes on hedge-fund operators will adversely affect women and minorities.

A provision to increase the tax on carried interest is currently under consideration in Congress, but the effects of such a change should be examined in closer detail before it goes into effect.

Governor Romney's defenders have argued that critics of his role at Bain Capital are really attacking capitalism itself. Given the academic evidence, we would have to agree.