Mnuchin Says Tax Overhaul May Be Backdated to Start of the Year

Senate GOP struggles with deficit in work on budget taxes

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. "What the exact number is, we'll see".

House Speaker Paul Ryan made similar remarks last week when discussing tax reform and said "the numbers are hard" to achieve a 15 percent rate.

Pressed on whether lowering the corporate tax rate to the mid-20s would be acceptable, Mnuchin demurred, but he said that simply passing tax reform would be a "win".

Steve Mnuchin to Wall Street: Time to pay up.

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.




Hedgies typically have their income taxed at a lower "carried interest" rate, since it's considered a share of the company's profits.

"I'm hopeful that they'll get a slight decrease in federal government [taxes] which will offset what they will lose on the state deductions", Mnuchin said of taxpayers who benefit from state deductions.

Congress's Joint Committee on Taxation has estimated that changing the treatment of carried interest could raise about $16 billion over the next decade.

"I know this issue is incredibly important to everyone in this room", Mnuchin said to laughs in the crowd, which was full of hedge fund industry executives.

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