The Carried Interest Fairness Act of 2025 aims to reform the taxation of personal service income earned through pass-through entities, particularly focusing on investment management services. The legislation seeks to ensure that income from these entities is taxed more equitably under the tax code, addressing concerns that certain partners benefit from lower tax rates on income that should be taxed at higher rates. Key provisions of the Act include significant changes to how partnership interests are treated when transferred as compensation for services.