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Carried Interest Debate in Spotlight Amid Romney Tax Release

Democrats are reviving efforts to end a tax break for private-equity and hedge-fund executives as Republican presidential candidate Mitt Romney’s tax return shows he used it to help limit his 2010 tax rate to 13.9 percent.

Representative Sander Levin and Senator Carl Levin, brothers and fellow Michigan Democrats, said today they are introducing legislation in their respective chambers. Carl Levin said the higher revenue could be used to help avoid $1.2 trillion in across-the-board spending cuts set to begin taking effect in 2013 under last year’s debt-reduction agreement.