If that’s the case then he is talking about the loopholes.
I believe that hedge fund partners can defer paying taxes indefinitely because of the carried interest loophole. So their rates would go up from zero to normal rates.
How in the name of god can you possibly know this. He did not say hedge fund or loop hole, he said,
“For the wealthy I think frankly it is going to go up and, you know what, it really should go up,”
If I want to talk about hedge fund partners, I, strangely enough, speak of hedge fund partners, I do not say “the wealthy.”
In standard English “hedge fund partner” is not a synonym for “the wealthy.”