The Trump administration is targeting an effective tax-rate hike on hedge funds and some accounting firms as part of a broader overhaul of the U.S. tax system, Treasury Secretary Steve Mnuchin said Tuesday at an industry conference. The administration has planned to pass a tax overhaul with only Republican votes.
Carried interest is the portion of an investment fund's returns that are paid to investment managers. 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.
He said the Trump administration will release a more detailed tax reform plan by the end of September.
The favorable tax treatment would still be available to other types of companies "that create jobs", he said, though he did not offer details.
Walt Disney World Reopens After Historic Shutdown
Eyewitness News editor Ashley LoFaso captured what it was like at Disney World when Irma arrived in the Orlando area early Monday. Disney's other theme parks - Epcot , Animal Kingdom and Hollywood Studios - also reopened, but some attractions are still closed.
The White House and members of Congress are "pretty close to finalizing" a bill and have settled numerous disagreements that divided their effort early in the process, Short said. They also said the deal gives leverage to Democrats in future talks over the borrowing limit and tax reforms.
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. "As I said this is a pass-fail exercise". The major hurdle is how to fund the cut.
"I don't know if we will be able to achieve that, Mnuchin said. The president wants to increase military spending and that's something he is going to demand for December".