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Mnuchin says hedge funds will lose carried-interest loophole in tax overhaul
13 September 2017, 12:43 | Kara Nash
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.
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".
Stranded manatees rescued in Sarasota before Irma hits
It was an "absolutely amazing" rescue and "shows what people can do when they come together", says Faradini-Campos. Sechler said he posted pictures of the stranded manatees hoping rescue workers or wildlife officials would respond.
Hands-On With The New Xiaomi Mi Notebook Pro Powerhouse
Xiaomi on Monday introduced several new devices, including the bezel-less Mi MIX 2 flagship and the more conventional Mi Note 3 . To offer immersive audio experience, Xiaomi has included Harman Infinity custom-built speakers which is Dolby Atmos certified.
OPEC oil production falls for the first time since March
Global benchmark Brent crude futures, the benchmark for oil prices outside the US , fell 0.30% to $53.62 a barrel. Analysts anticipate the power outages and the evacuation of the region may damp consumer appetite for crude.
Twitter rolls out dark 'night mode' for desktop users
Well, Twitter's iOS and Android apps have offered the feature since a year ago , but now, it's available on the desktop. Night mode on the web conveniently takes into account the customizable theme color you can set on your profile page.
Former Fox News anchor Eric Bolling's son dies at 19
Fox News television personality Eric Bolling arrives at Trump Tower on November 16, 2016 in New York City. Bolling's son, 19-year-old Eric Bolling Jr., reportedly died by suicide on Saturday, according to TMZ .
Apple Announces iOS 11 to Launch on September 19th
It has a new processor that is 70% faster than last year's chip, Apple executive Jeff Williams said at the product's introduction. The knock on LTE-enabled smartwatches are they're even bulkier than regular smartwatches, and suffer from weaker battery life.
Apple TV 4K Is a 4K Apple TV, Finally
I think the Apple TV 4K will still be the best of the lot, but it's not worth almost double the asking price of the others. With Apple investing up to $1 billion in original content , though, it was high time for some fresh hardware.