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Treasury chief says IRS to ban hedge fund tax dodge
Published in 24-7-2018
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Treasury Secretary Steven Mnuchin said the Internal Revenue Service plans on closing a loophole that hedge-fund managers had been trying to exploit to avoid paying higher taxes on carried-interest profits. Mnuchin told the Senate Finance Committee Wednesday that a Bloomberg News story this week, which detailed how hedge funds created scores of shell companies to work around the new carried-profit rules, prompted him to instruct administration officials to issue guidance on the subject within two weeks. "I've already met with the IRS and our Office of Tax Policy this morning as a result of that article," Mnuchin told the committee. "Taxpayers will not be able to get that loophole.