Wednesday, September 13, 2017

Treasury Secretary Steve Mnuchin Talks About the Higher Taxes That are Coming

So much for President Trump shrinking the government and cutting taxes across the board.

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 US tax system, Treasury Secretary Steve Mnuchin said Tuesday at a conference, according to The New York Post.

Hedgies typically have their income taxed at the “carried interest” rate. President Trump has said they should get taxed at a higher rate that counts that money as income.

“The president has been very clear that for hedge funds, they will not have the benefit of carried interest,” Mnuchin said .

But, get this, 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.

Wait until they start announcing the elimination of many current personal tax deductions.

What a scam!


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