Steve Mnuchin signals higher taxes for hedge funds

Treasury secretary speaking to a Senate subcommittee in July about the budget. Credit Stephen Crowley  The

Democrats have also been deeply skeptical of the Trump administration's plans to repeal the estate tax, which it has said has been harmful to family farmers.

"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.

"I don't know if we'll be able to achieve that given the budget issues".

Trump campaigned on the promise of cutting the corporate tax rate to 15%, but Mr Mnuchin said that the goal would be hard to achieve.

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. But other firms-"entities that do create jobs", Mnuchin said-may still qualify.




While the president is eager for a bipartisan tax deal-and his tax tour will visit states where Democrats hold Senate seats-Mnuchin said that if needed the administration will encourage Republicans to use the reconciliation process to get to 60 votes.

Mnuchin also said he's considering backdating any tax changes to the beginning of the year, which "would be a big boon for the economy".

Mnuchin and National Economic Council Director Gary Cohn are scheduled to meet with congressional leaders later Tuesday to discuss the Republican tax cut plan.

Republicans aim to overhaul the American tax code but have faced various hurdles in their goal of passing a tax reform bill this year.

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