Trump could target 'carried interest' tax loophole: officialWASHINGTON (Reuters) - The Trump administration’s push to overhaul tax laws might soon target a loophole used by some financial managers to lower their tax rates, White House Chief of Staff Reince Priebus said on Sunday. President Donald Trump campaigned before the Nov. 8 election to eliminate the so-called “carried interest” loophole, which is used by many financial managers to lower tax obligations. But a rough outline for a major tax overhaul released last week failed to mention the loophole. Priebus, however, hinted that carried-interest could be on the chopping block and warned against analysts taking the view that financial managers would keep on benefiting from it. “That balloon is going to get popped pretty quick,” Priebus told ABC’s “This Week.”  “Carried interest is on the table,” he said. “The president wants to get rid of carried interest so that balloon is not going to stay inflated very long, I assure you of that.” The carried interest rule allows financial managers at private equity, hedge fund and other firms to pay a capital gains tax rate on their income instead of the higher income tax rate. Trump’s tax overhaul plan would slash rates for businesses. Vice President Mike Pence told NBC “Meet the Press” on Sunday the plan might widen budget deficits “in the short term,” but faster economic growth would eventually lead to higher revenue. politicsNews
trump could target interest tax loophole officialwashington reuters the trump administration push overhaul tax laws might soon target loophole used financial managers lower tax rates white house chief staff rence priests said sunday president donald trump campaigned election eliminate carried interest loophole used many financial managers lower tax obligations but rough outline major tax overhaul released last week failed mention loophole priests however hinted could chopping block warned analysts taking view financial managers would keep benefiting that balloon going get popped pretty quick priests told abc this carried interest table said the president wants get rid carried interest balloon going stay inflated long i assure the carried interest rule allows financial managers private equity hedge fund firms pay capital gains tax rate income instead higher income tax rate trump tax overhaul plan would slash rates businesses vice president mike pence told nbc meet press sunday plan might widen budget deficits short term faster economic growth would eventually lead higher revenue politicsnews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: Trump could target 'carried interest' tax loophole: officialWASHINGTON (Reuters) - The Trump administration’s push to overhaul tax laws might soon target a loophole used by some financial managers to lower their tax rates, White House Chief of Staff Reince Priebus said on Sunday. President Donald Trump campaigned before the Nov. 8 election to eliminate the so-called “carried interest” loophole, which is used by many financial managers to lower tax obligations. But a rough outline for a major tax overhaul released last week failed to mention the loophole. Priebus, however, hinted that carried-interest could be on the chopping block and warned against analysts taking the view that financial managers would keep on benefiting from it. “That balloon is going to get popped pretty quick,” Priebus told ABC’s “This Week.”  “Carried interest is on the table,” he said. “The president wants to get rid of carried interest so that balloon is not going to stay inflated very long, I assure you of that.” The carried interest rule allows financial managers at private equity, hedge fund and other firms to pay a capital gains tax rate on their income instead of the higher income tax rate. Trump’s tax overhaul plan would slash rates for businesses. Vice President Mike Pence told NBC “Meet the Press” on Sunday the plan might widen budget deficits “in the short term,” but faster economic growth would eventually lead to higher revenue. politicsNews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: trump could target interest tax loophole officialwashington reuters the trump administration push overhaul tax laws might soon target loophole used financial managers lower tax rates white house chief staff rence priests said sunday president donald trump campaigned election eliminate carried interest loophole used many financial managers lower tax obligations but rough outline major tax overhaul released last week failed mention loophole priests however hinted could chopping block warned analysts taking view financial managers would keep benefiting that balloon going get popped pretty quick priests told abc this carried interest table said the president wants get rid carried interest balloon going stay inflated long i assure the carried interest rule allows financial managers private equity hedge fund firms pay capital gains tax rate income instead higher income tax rate trump tax overhaul plan would slash rates businesses vice president mike pence told nbc meet press sunday plan might widen budget deficits short term faster economic growth would eventually lead higher revenue politicsnews