lakeelmoleader.com
lakeelmoleader.com September 20, 2017


Mnuchin says hedge funds will lose carried-interest loophole in tax overhaul

13 September 2017, 12:43 | Kara Nash

President Trump

President Trump

Trump has yet to sketch out a tax plan with specific changes to rates, income levels or the treatment of business earnings that double as personal income.

In separate appearances Tuesday, Treasury Secretary Steven Mnuchin and Marc Short, Trump's legislative affairs director, both said Trump is still committed to that rate cut-down from the current 35 percent-but acknowledged the potential for compromise.

House Speaker Paul Ryan, who insisted on a revenue-neutral approach on tax reform, said last week that Trump's goal of lowering the corporate tax rate to 15 percent would be hard to achieve. The administration has planned to pass a tax overhaul with only Republican votes. "Passing tax reform, which hasn't been done in 31 years, that's a win".

Hedgies typically have their income taxed at a lower "carried interest" rate, since it's considered a share of the company's profits. The Trump administration has made completing a package of tax cuts a top priority, but the task is expected to be complicated by Democratic resistance and a divided Republican party.

Cardinals vs. Lions: Highlights, game tracker and more
Their top pass rushers off the edge in Chandler Jones and Markus Golden should be able to win against Detroit's tackles. There are questions about the defense, as five starters left in free agency.

Congress and the White House have not yet released a tax overhaul plan but are working this month to prepare legislation. But other firms-"entities that do create jobs", Mnuchin said-may still qualify.

Trump broke with Republican leaders last week when he agreed with Democrats to lift the debt ceiling, fund the government for three months and approve $15 billion in disaster aid for victims of Hurricane Harvey.

"The president has been very clear that for hedge funds, they will not have the benefit of carried interest", Mnuchin said Tuesday morning. "But the president wants to raise military spending".



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