Steve Mnuchin signals higher taxes for hedge funds

President Trump

Mnuchin did not give an exact number but rather emphasized that getting tax reform done is much more important.

"We're going to get this done by the end of the year", Mnuchin said, adding that the Trump administration was "super focused" on the goal after its three-month extension of the debt limit and government funding was approved last Wednesday.

CNBCs Joe Kernen, Becky Quick and Andrew Ross Sorkin interview Steven Mnuchin, the 77th United States Secretary of the Treasury, at the CNBC Institutional Investor Delivering Alpha conference September 12th in NYC.

"I'm hopeful in these states that taxes don't go up", Mnuchin said.

"I don't know if we will be able to achieve that", Mr. Mnuchin said.

Tax reform was a key campaign point in Trump's presidential bid, where he promised to cut personal income taxes, slash corporate rates and offer a one-time repatriation tax in an effort to sway companies into returning cash parked overseas back to the US. The administration has planned to pass a tax overhaul with only Republican votes.

The Treasury secretary also evaded questions about possible exceptions to the elimination of the special treatment of so-called carried interest for hedge fund managers. The top individual income tax rate is 39.6 percent, though Trump and congressional Republicans have proposed cutting it to 35 percent. The White House is wary of relying exclusively on Republican support for the legislation after seeing the health care bill collapse and is genuinely seeking Democratic support, Short said.

On Tuesday, Mnuchin insisted that a tax overhaul would happen this year. "The president wants to increase military spending and that's something he is going to demand for December".

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