2017-09-12 —

Hedgies typically have their income taxed at a lower "carried interest" rate, since it's considered a share of the company's profits. 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 Tuesday morning.

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.

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