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

13 September 2017

Backdating is something we're considering "and it would be a big boon for the economy", Mnuchin said at CNBC's Delivering Alpha conference in NY.

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. 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 Treasury secretary said the administration still wanted the carried interest break to be available to "other entities that create jobs".

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Mnuchin did not give an exact number but rather emphasized that getting tax reform done is much more important.

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. That would allow them to bypass a Senate filibuster and pass a bill on a partisan basis.

Mnuchin, who had insisted earlier on Tuesday that tax overhaul would be a certainty before year's end, told CNBC that backdating was "something we are considering and it would be a big boon for the economy".

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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. "Passing tax reform, which hasn't been done in 31 years, that's a win".

"We're going to get this done by the end of the year", said Mnuchin. The major hurdle is how to fund the cut. "But the president wants to raise military spending".

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