Hey, it's Ryan.

Our colleague, Bob McMillan, who you've heard from many times as a reporter, will be hosting

the show today.

Here he is.

This week, Congress is expected to pass a major piece of legislation.

It's a bill that spends billions of dollars on climate and health care programs.

And to pay for it, the bill raises taxes on big companies.

But there was one tax that Democrats just couldn't raise, a tax paid by some of the wealthiest

people in the country.

There were concessions, and one of the biggest concessions was, you know, in a little bit

of a surprise, to the private equity lobby.

That's our colleague, Julie Bikowitz.

She says that the private equity lobby has been hard at work, protecting an obscure type

of income.

Being called carried interest.

What is carried interest?

Well, in the simplest terms, it's a major source of income for private equity managers.

The first thing to know about carried interest income is that it's taxed at a lower rate

than ordinary income.

The job of a private equity manager is to handle private investments.

And when a deal pays off, they get a cut.

That's carried interest.

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