Trump Goes After Tax Break Favored By Hedge Funds

President Donald Trump says he will go after a tax break that big investors use to save billions on taxes but it's a promise he made during his first administration that didn't happen.

Trump wants to end the carried interest exemption that allows hedge funds and venture capital investors to have their profits treated as capital gains instead of regular income, which has much higher tax rates.

White House Press Secretary Karoline Leavitt listed it among the president's tax priorities that he laid out to Republican Congressional leaders on Thursday.

Other priorities are ending taxes on tips and overtime and eliminating taxes on Social Security payments for retirees.

The carried interest loophole has been opposed by some members of both parties.

Warren Buffett has also criticized it as a giveaway to the wealthy.

Getting rid of the tax break could raise billions for the government, the New York Times reported.

But the battle could be uphill. President Trump tried to kill it in his first administration and Presidents Biden and Obama were also unsuccessful in having it killed.