The carried interest tax debate isn't about deficit reduction.
FORTUNE -- Steve Judge, president of the Private Equity Growth Capital Council, today wrote an op-ed arguing that carried interest should continue to be treated by the IRS as a capital gain. Nothing particularly new in his fundamental argument, so it's not worth relitigating my disagreement.
But Judge did add one wrinkle that should be noted (and then disabused). From his piece:
"Changing the tax MORE