A lot of venture capitalists are breathing easier today since the “carried interest” debate is ending with VCs avoiding a tax increase. And Dan Primack, columnist for the “Term Sheet” is not at all pleased.

VCs and the National Venture Capital bitterly opposed the proposed change in tax law that would have affected venture firms. Primack had predicted that Congress would approve a bill.

In his column Monday, Primack said no change was likely.

“The Senate today will vote on a tax cut extension bill that no longer includes the carried interest provision. There is still a small chance that the change will reemerge in whatever grand bargain is struck between Obama and Republicans, or perhaps next year if/when real tax code reform is broached. But don’t bet on it, since most House Republicans have metastasized around the idea that any tax hike – even if it’s closing a loophole or being matched by spending cuts – is a non-starter (as such, also don’t expect real tax code reform),” he wrote.

“I am humbled by my poor prediction. My fatal flaw was in badly underestimating the cowardice and incompetence of Congressional Democrats.”

Read the full column here.

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