Wednesday, 19 December, 2018

Trump's tax cut aim doubtful: U.S. treasury secretary

NYSE Trader happy  smiling Brendan Mc Dermid | Reuters
Ellis Copeland | 13 September, 2017, 00:41

Mnuchin said the administration is sticking by another Trump priority: eliminating the favorable tax treatment for hedge fund managers.

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

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.

"I'm hopeful in these states that taxes don't go up", Mnuchin said.

Tax reform was a key campaign point in Trump's presidential bid, where he promised to cut personal income taxes, slash corporate rates and offer a one-time repatriation tax in an effort to sway companies into returning cash parked overseas back to the US.

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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 president has made it very clear that for hedge funds, they will not have the benefit of carried interest", Mnuchin told a roomful of hedge fund executives meeting at a hotel in Manhattan. But other firms-"entities that do create jobs", Mnuchin said-may still qualify. The president has been pushing for changes to the tax code to cut corporate and individual rates and simplify the system. White House legislative director Marc Short says its principles for the tax overhaul will be released "in a matter of days, not weeks".

Last week, Trump reached a deal with Democratic leaders by signing a bill extending the country's borrowing limit by three months, rather than for a longer period preferred by Senate Republicans.

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

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