President Trump called for ending the so-called carried interest loophole, which saves financiers billions. It’s a tax break that has survived time after time.

President Donald Trump is mounting another effort to eliminate a controversial loophole that has long allowed Wall Street’s überwealthy to evade millions of dollars in taxes every year. At stake is a little-known provision known as “carried interest" that benefits private equity managers, hedge fund speculators, and other investment professionals.