However, Mnuchin did back off Donald Trump's pledge of a decrease in the corporate tax rate to 15% and said it may not be able to be achieved "given the budget issue".
House Speaker Paul Ryan, who insisted on a revenue-neutral approach on tax reform, said last week that Trump's goal of lowering the corporate tax rate to 15 percent would be hard to achieve.
"The president has made it very clear for hedge funds, they will not have the benefit of carried interest", Mnuchin said.
To view the full article, register now.
Carried interest is the share of profits - typically 20%- that hedge fund, private equity, and some other investment managers collect from clients on investments. The president has been pushing for changes to the tax code to cut corporate and individual rates and simplify the system. Mnuchin and Short both said details will come later this month.
Longer-Term View Adds Context to Census Poverty Data
Median household income rose to just over $59,000 in 2016, up 3.2% from a year earlier, according to data released by the U.S. The second straight annual increase raised the median household income to $59,039, from $57,230 in 2015.
Xiaomi's Mi Notebook Pro takes on Apple's Macbook
Its 15.6-inch display only has a resolution of 1080p, which seems a bit out of step with other high-end machines these days. When it comes to specs, the Mi Notebook Pro sports a 15.6-inch display and is powered by an Intel Core i7 processor.
Finding an SNES Classic Edition Is About to Get a Lot Easier
The SNES Classic will be available later this month when it launches September 29 in North America and September 30 globally. The executive is right - you shouldn't have to pay more than retail for the company's retro-infused gaming system.
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.
Treasury Secretary Steven Mnuchin amped up expectations of tax reform before the year is out on Tuesday morning, even bringing up the possibility of backdating changes to January 1.
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. "Passing tax reform, which hasn't been done in 31 years, that's a win", the Treasury chief said Tuesday, adding that stock markets have a "built-in" expectation of success. As Mnuchin worked to sell an 18-month debt-ceiling increase to Republicans and Democrats during a meeting in the Oval Office last week, Trump abruptly chose to go for a three-month increase in line with what Democrats wanted.
"We want to make sure that we encourage jobs, so that is something we're still working on", he said.