That reading is based on the proposal subjecting pass-through entities — which include partnerships like private equity firms and hedge funds — to a 15 percent tax rate, which is lower than the rate on capital gains and much lower than the top rate on ordinary income.

In other words, it appears that if the Trump plan is enacted, private equity executives would not just avoid higher taxation; their taxes would actually decline.

If that turned out to be the case, private equity and hedge fund managers will have dodged a bullet, having long feared that Mr. Trump might make good on his populist rhetoric and seek to have carried interest taxed as ordinary income — rather than as capital gains.

Robert Willens, a tax and accounting expert in New York, said the issue of the loophole could become “moot” under the Trump administration’s proposal.

“Carried interest would disappear, not on its own, but because of the reduction,” Mr. Willens said.

The response from the private equity industry was muted on Wednesday, in part because the details were unclear. The industry’s trade group, the American Investment Council, declined to comment.

The current proposal, which is merely a template for lawmakers and may not resemble a final tax overhaul plan, is not a sure win for the industry. It is still possible that when lawmakers get their hands on the plan, they will push to increase the taxation of carried interest.

The one-page presentation handed out by the White House to describe the tax proposal simply says there would be a “15 percent business tax rate,” down from 35 percent. The presentation also refers to a proposal to “eliminate tax breaks for special interests” but does not include specifics.