The American Jobs and Closing Tax Loopholes Act passed by the House this month is meant to extend unemployment benefits and health care for the long-term unemployed. However, it will be paid for partially by the increased tax rate for carried interest profit structures used by hedge funds, venture capitalists and commmercial real estate partnerships. In other words, the value-added profits earned by a general partner of a real estate partnership would be taxed at 35% instead of the current 15% rate.