These are real people, with real jobs, who invest in businesses with a huge amount of risk. These aren't "fat cats" who sit around laughing at the proletariat, and people who paint them as such for political gain seriously misunderstand this industry. I can get behind eliminating tax loopholes for people earning more than they deserve -like entertainers or athletes. But in capitalism, more risk means more reward, and these people are taking on a lot of risk. This loophole was first created to acknowledge that risk and ensure the fund can survive when a risk goes poorly. If you believe everyone should pay their fair share, then maybe a system with more reasonable tax rates for ALL is in order, rather than trying to increase an already absurd rate on the people investing businesses and therefore driving growth and innovation.