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

13 September 2017, 12:44 | Myrtle Vega

Treasury secretary speaking to a Senate subcommittee in July about the budget. Credit Stephen Crowley The

Treasury secretary speaking to a Senate subcommittee in July about the budget. Credit Stephen Crowley  The

"The good news is we have over 100 people at Treasury working on this", Mr. Mnuchin said.

"The president is absolutely a Republican, as am I by the way", Mnuchin said Tuesday at a conference sponsored by CNBC and Institutional Investor Magazine.

Trump campaigned on the promise of cutting the corporate tax rate to 15%, but Mr Mnuchin said that the goal would be hard to achieve.

Trump also wants to apply the same rate to certain pass-through businesses, such as S corporations and partnerships, which don't pay taxes themselves, but pass their earnings through to their owners, who pay taxes at their individual rates, Mnuchin said. The administration has planned to pass a tax overhaul with only Republican votes.

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"The president has made it very clear that for hedge funds, they will not have the benefit of carried interest", Mnuchin told a roomful of hedge fund executives meeting at a hotel in Manhattan.

The favorable tax treatment would still be available to other types of companies "that create jobs", he said, though he did not offer details. The White House is wary of relying exclusively on Republican support for the legislation after seeing the health care bill collapse and is genuinely seeking Democratic support, Short said.

Last week, Trump reached a deal with Democratic leaders by signing a bill extending the country's borrowing limit by three months, rather than for a longer period preferred by Senate Republicans.

Democratic leaders including Mr. Schumer and Senator Ron Wyden of OR, the ranking Democrat on the Senate Finance Committee, are set to unveil a report on Tuesday finding that eliminating with the estate tax would mostly benefit the wealthiest Americans.



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