FBN's Trish Regan: Trump Promised To End Carried Interest Income, Tax Bill Doesn't


TRISH REGAN, FOX BUSINESS: The president keeps touting this as the biggest tax cut ever, and while it's great for corporations and there is nothing wrong with that, and it's also great for a lot of fat cat private equity investors and there is something wrong with that. This guy Stephen Schwarzman who's made over $400 billion in 1 year, and percentage-wise, guess what? His tax bracket is actually lower than a New York City cop. How do you like that? And that's because he calls his income 'investment.'

The president promised to fix this, remember?

DONALD TRUMP, AUGUST 2016: We will eliminate the carried interest deduction, well-known deduction, and other special interest loopholes that have been so good for Wall Street investors, and for people like me.

REGAN: But neither the House nor the Senate ever bothered to address this. So those private equity fat cats get away with paying investment taxes instead of income taxes. And that is just wrong. So why doesn't anyone care?

REGAN: Do you consider that carried interest income or investment?

STEVE MNUCHIN: Well, again, it's technically, it's carried interest in the way that it's allocated in the tax system. Also known as profits interest.

REGAN: So then you believe it should get a lower tax rate.

MNUCHIN: Again, it's a complicated issue. It's not that much money.

REGAN: No, it's not that much money. I mean, who cares about $100 billion? Maybe Steven Mnuchin doesn't care about $100 billion or his billionaire friends, but come on. You mean to tell me that special interest lobbyists are so alive and well in Washington that they convinced the entire House and the entire Senate to ignore this inequity? I'm beginning to wonder if our country is becoming ungovernable, because I'll tell you one thing, our founding fathers never, ever anticipated a swamp like the one we have today.

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