Mnuchin Warns Some Partnerships and LLCs Won’t Get Tax Break

Treasury Secretary Steven Mnuchin cautioned that not all businesses currently classified as pass-through entities would see their rates slashed to 15 percent under the White House’s tax plan — an indication that hedge funds and other high-earning partnerships and limited liability companies might not get major breaks.

“I assure you we are not going to allow all pass-throughs to get that rate,” Mnuchin said during a hearing before the Senate Banking Committee in response to a question from Senator Elizabeth Warren. When pressed by Warren, he also said the restrictions on which firms would get the tax cut would apply to current pass-through entities as well as to businesses that adopt that structure in the future.

Pass-through businesses, which include small operations like corner stores and free-lancers, but also doctors, lawyers, consultants and vastly profitable hedge funds, don’t pay any taxes themselves, but pass their earnings through to their owners,

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