In a bold move that could have major implications for Wall Street and Silicon Valley investors, President Trump has proposed a new tax plan aimed at closing loopholes that benefit the wealthy. The plan specifically targets the carried interest tax loophole, which allows hedge fund managers and private equity investors to pay a lower tax rate than ordinary Americans.

The proposed tax plan would eliminate the carried interest loophole, effectively increasing taxes on the profits earned by these investors. This move has garnered support from Democrats, who have long criticized the preferential treatment given to Wall Street investors.

If the plan is approved, it could have a significant impact on the financial industry, as well as on Silicon Valley tech companies that often utilize similar tax loopholes. Analysts predict that the proposal could result in a major shift in how these industries operate and could lead to increased tax revenues for the government.

While the proposal is still in the early stages, it has already sparked heated debate among lawmakers and industry insiders. It remains to be seen if President Trump's tax plan will ultimately be successful in closing these loopholes and leveling the playing field for all taxpayers.