A bill that would change tax rates for private equity and hedge fund manager compensation is back on the U.S. Congress agenda. President Obama already has called for similar changes.

The National Venture Capital Association and other groups fought similar plans in 2007 that would have closed a “carried interest” loophole that allowed compensation to be taxed at the capital gains rate of 15 percent rather than ordinary rates that could be as high as 35 percent.

“This is a basic issue of fairness,” said Democratic Rep. Sandra Levin, a member of the tax-writing House Ways and Means Committee, who filed the bill. “This proposal is not about taxing investment, it’s about ensuring that all compensation is treated equally for tax purposes.”

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