On Thursday, President Trump asked Republican lawmakers to end tax breaks on carried interest. The tax break allows private equity and venture fund managers to treat their earnings from investments at a lower capital gains rate, rather than as ordinary income. The removal of the tax break would be a big hit to the VC industry. “Carried interest encourages smart, high-risk investments in innovative high-growth startups,”  National Venture Capital Association (NVCA) President and CEO Bobby Frankli...