Vic Flesicher (Colorado) has revived A Taxing Blog – the first academic tax blog that went on hiatus in October 2003. He has a detailed post on Private Equity and the So-called “Enterprise Value Tax":

The current version of the carried interest legislation contains no “enterprise value tax”. It merely applies longstanding principles of partnership tax law to allow selling partners of a service partnership to convert only a portion of their labor income into capital gain. While, from an academic point of view, I think the entire return on labor income should be taxed at ordinary rates, the 50/50 approach of the current bill is consistent with its blended rate approach.