Tuesday, 26 September, 2017

Steve Mnuchin signals higher taxes for hedge funds

Trump Will Work With Either Democrats or Republicans to Achieve Tax Overhaul Mnuchin hopes scrapping state deductions won't make some taxpayers owe more
Andrew Cummings | 13 September, 2017, 00:40

Congress and the White House have not yet released a tax overhaul plan but are working this month to prepare legislation.

"We could have done a one-year deal, this wasn't widely reported, on the debt ceiling", Mnuchin said Tuesday.

CNBCs Joe Kernen, Becky Quick and Andrew Ross Sorkin interview Steven Mnuchin, the 77th United States Secretary of the Treasury, at the CNBC Institutional Investor Delivering Alpha conference September 12th in NYC.

Mnuchin said he doesn't know if he can achieve the Trump administration's goal to lower the corporate tax rate to 15 percent.

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"If you earn money that's clearly income, if you're an accountant firm and that's clearly income, you'll be taxed at income rates-you won't be taxed at pass-through rates", Mnuchin said.

The Treasury secretary also evaded questions about possible exceptions to the elimination of the special treatment of so-called carried interest for hedge fund managers.

"These relationships are very important and the relationships with the president are there", he said. 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. The president has been pushing for changes to the tax code to cut corporate and individual rates and simplify the system. Mnuchin said the administration was considering backdating tax reform to the start of 2017 and that this could deliver "a big boon" to the economy.

While Trump is committed to a permanent tax overhaul, Mnuchin has at times appeared to be managing down those expectations.

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