Mnuchin Admits 15 Percent Corporate Rate Unlikely

13 September, 2017, 00:42 | Author: Malcolm Fuller
  • Treasury Secretary Steve Mnuchin speaking at the 2017 Delivering Alpha conference in New York on Sept. 12 2017

Treasury Secretary Steven Mnuchin said Tuesday the Republican tax overhaul plan will end the ability of hedge funds to enjoy a reduced tax rate on income by using the so-called carried interest tax break.

"I don't know if we will be able to achieve that, given the budget issues", Mnuchin said referring to the goal of reaching an 15 percent tax rate.

He said the Trump administration will release a more detailed tax reform plan by the end of September.

"The president's been very clear that hedge funds will not have the benefit of carried interest", he said. Trump may seek more disaster aid Bipartisan bill would force Treasury to put Tubman on bill Judd Gregg: The complex path to tax simplification MORE is defending President Trump's Republican bonafides, which have been questioned after the president struck a fiscal deal with Democrats in Congress. But other firms-"entities that do create jobs", Mnuchin said-may still qualify. Mnuchin and Short both said details will come later this month. Reconciliation can be used if tax reform legislation can't get the required 60 Senate votes, he said.

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Mnuchin added that services firms, especially accounting companies, will no longer have the benefits of a pass-through rate, and will also have to pay a higher income tax rate. "As I said this is a pass-fail exercise".

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.

"We want to make sure that we encourage jobs, so that is something we're still working on", he said.

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