<p>Donald Trump has vowed to kill one of Wall Street’s favorite tax loopholes. A closer look reveals his efforts could produce even more upside for private equity’s richest power players.</p>
<p>Trump's talk of killing the private equity industry's carried interest tax deduction has generated major headlines, but if it comes with broader tax reform it could create the biggest opportunity for the industry since firms like Apollo, Blackstone, Carlyle and KKR listed their shares on public stock markets. Lowering corporate and individual tax rates could give private equity firms reason to convert from tax-avoiding pass through partnerships into ordinary corporations, opening up their shares to a far broader investor base.</p>