Mnuchin Says Hedge Funds Will Lose Lower Tax Rates

NYSE Trader happy  smiling

NYSE Trader happy smiling

CNBCs Joe Kernen, Becky Quick and Andrew Ross Sorkin interview Steven Mnuchin, the 77th United States Secretary of the Treasury, at the CNBC Institutional Investor Delivering Alpha conference September 12th in NYC.

"We're going to get this done by the end of the year", said Mnuchin.

"I am concerned about the global financial system and keeping it safe", he said. The administration has planned to pass a tax overhaul with only Republican votes.

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In the wide-ranging interview, Mnuchin also offered praise for Federal Reserve Chair Janet Yellen but said she is just one of a number of people President Donald Trump is considering to lead the Fed after Yellen's term expires in February. But other firms-"entities that do create jobs", Mnuchin said-may still qualify. However, Republican leaders have yet to unveil details of what Trump has called a "massive" tax regime change, including such basic matters as where to set the corporate tax rate and how to set up individual tax brackets. White House legislative director Marc Short says its principles for the tax overhaul will be released "in a matter of days, not weeks". Mnuchin said the administration was considering backdating tax reform to the start of 2017 and that this could deliver "a big boon" to the economy. But if Republicans want to pass a tax bill through reconciliation to prevent a Democratic filibuster, the legislation can't add to the deficit outside the budget window.

Mnuchin on Tuesday also said he recognizes that it's important to have good working relationships with both parties, noting that he met with House Speaker Paul Ryan Monday and that Ryan had also had dinner together. "Passing tax reform, which hasn't been done in 31 years, that's a win".

Trump last week cut a short-term debt ceiling and government spending deal with Democrats to clear the deck for a major tax bill, but the agreement could complicate tax efforts by sowing doubt among the GOP about its unpredictable president.

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