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.

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.