“The hedge fund guys are getting away with murder…”
– Donald Trump on August 23rd, 2015 on how hedge fund managers only pay 20% on some of their income by using the carried interest loophole. A tax rate that is lower than the rate what middle class families pay.
President Donald Trump on Wednesday is planning to unveil a proposal to cut corporate taxes on U.S. companies’ foreign profits and to slash the top tax rate on so-called pass-through businesses, including many owner-operated companies, to 15% from 39.6%, said White House officials familiar with the planning.
That group includes many small firms, but it also includes large global law firms, hedge funds and Mr. Trump’s own real estate and branding businesses. These businesses don’t pay the corporate tax rate, which Mr. Trump also wants to lower to 15%.
Wall Street Journal on April 25, 2017 on Trump administrations tax plan to lower tax rates for hedge fund managers to 15%.