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The corporate world has been cheering the Republican tax plan since it was first signed in December of last year.

The lower rates on business taxes and overseas cash mean plenty of profits and additional cash flows coming the corporations’ way. Investors have been cheering too as dividend and buyback activity has surged in recent weeks. At the end of the day, the tax plan is a bonanza for owners of capital.

Well, not all owners of capital.

It turns out, some of the biggest owners of capital – the private equity players – aren’t cheering so loudly. The tax plan could upend the major stocks in the sector and have some interesting consequences for their shareholders.

Be sure to check out our list of MLP stocks here for further analysis.

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