Andrew Kirkpatrick (J.D. 2009, Brooklyn) has published Note, The Shield of "Unintended Consequences": Analyzing Venture Capital’s Defense Against Increased Carried Interest Taxation, 2 Brook. J. Corp. Fin. & Com. L. 483 (2008).  Here is part of the Introduction:

To understand why the proposed carried interest taxation is reasonable, it is necessary to look at why capital gains taxation exists. Venture capitalists believe that their returns on investment are distinct from other common issues of carried interest compensation. However, the reality of an efficient market and underlying policy issues suggest that venture capital should not be treated differently. Part II of this note provides a survey of the venture capital industry, including its recent growth and role in the American investment marketplace and explains how the industry will be affected by increased taxation. It also examines the nature of risk-taking (an issue to be addressed further in Part V.A) and profitability in the venture capital industry. Part III provides an introduction to carried interest and the lower capital gains taxation rate. It explains which industries commonly structure their businesses to take advantage of lower taxation and the difference between the proposed bills on carried interest. Part IV gives a survey of recent tax reform that affected venture capital.

Part V addresses the arguments made by venture capitalists against increased taxation. Part V.A addresses the effects of changing the cost/benefit equation established in the industry, which includes the risk-taking nature of the industry, the need for providing incentives to fund managers, and the likelihood that opportunities in the global investment landscape will encourage an exodus of American venture capital firms and managers. Part V.B provides justifications for altering the present definition of carried interest and treating it as income from services rendered as opposed to capital gain. Finally, Part V.C addresses the effects of shifting the tax burden, how other industries and investors will be affected, and how the policy reasons behind proposed legislation indicate that the venture capital industry is not an unintended casualty.