President Donald Trump wants to end the carried interest loophole. Here's how the tax break benefits Wall Street investment managers.

President Donald Trump has proposed ending a tax break used by private equity fund managers known as the carried-interest “loophole,” echoing his earlier calls and efforts by other presidents, including Barack Obama and Joe Biden, to abolish the break that has faced bipartisan opposition for years.

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.