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Photo: Chuck Kennedy / Axios

If Gary Cohn could change one thing in the tax bill, it would be to have closed the carried interest loophole, he told Mike Allen at an Axios event on Wednesday. Cohn believes it is fundamentally unfair, and adds that President Trump agrees with him. "We probably tried 25 times... The President asked just this past Monday if we could still get rid of it."

As for why the loophole wasn't closed, Cohn was more cagey. He blamed Congress but, when pressed, would only cite unidentified GOP House members from blue states.

Other highlights from Cohn's Axios interview:

  1. Cohn said the Reagan [update] tax cuts were followed by other countries also lowering their rates, thus reducing their effectiveness. "This would be a failure if we don't capitalize on our competitive opportunity and let the rest of the world catch up to us."
  2. Cohn does not believe tax reform is baked into the stock market. As proof, he claims that a basket of high-tax stocks aren't outperforming a basket of low-tax stocks. Instead, he believes the boom is tied to strong economic growth and that there is plenty of room for more public equities expansion.
  3. "We're going to get the investment. We're going to get money repatriated... and you're going to have to judge us by what happens."
  4. "I don't know" why the tax bill is so unpopular.
  5. Trump cared most about cutting the corporate rate.
  6. Cohn claims that 90% of individuals will be able to file their taxes via postcard, which is a very heady prediction.
  7. Infrastructure comes next, and Cohn insists that the federal government has the required $200 billion.
  8. He will not support an infrastructure bank.
  9. He doesn't hold any Bitcoin, and doesn't plan to buy any.
  10. Cohn thinks tech companies are getting too much flak, in response to my comment that Silicon Valley has become the new Wall Street. Cohn: "Wall Street probably didn't deserve it either. Your world needs a bad guy, a face to shame. Tech companies have been huge catalysts of economic growth... and have created products you and I can't live without."

Go deeper

48 seconds ago - Health

Asymptotic Florida students exposed to COVID no longer have to quarantine

Florida Gov. Ron DeSantis during a September news conference in Viera, Fla. Photo: Paul Hennessy/SOPA Images/LightRocket via Getty Images

Florida Gov. Ron DeSantis (R) announced Wednesday an emergency order allowing parents to decide whether their children should quarantine or stay in school if they're exposed to COVID-19, provided they're asymptomatic.

Why it matters: People infected with COVID-19 can spread the coronavirus starting from two days before they display symptoms, according to the CDC. Quarantine helps prevent the virus' spread, per the CDC.

Federal judge says Florida ban on "sanctuary cities" racially motivated

Florida Gov. Ron DeSantis. Photo: Joe Raedle/Getty Images

A federal judge on Tuesday struck down parts of a Florida law aimed at banning local governments from establishing "sanctuary city" policies, arguing in part that the law is racially motivated and that it has the support of hate groups.

Why it matters: In a 110-page ruling issued Tuesday, U.S. District Judge Beth Bloom said the law — signed and championed by Gov. Ron DeSantis (R) — violates the Constitution's Equal Protection Clause because it was adopted with discriminatory motives.

Biden steps into the breach

Sen. Joe Manchin heads to a meeting with President Biden today. Photo: Kevin Dietsch/Getty Images

President Biden ramped up the pressure on his fellow Democrats Wednesday, calling a series of lawmakers to the White House in the hope of ending infighting and getting them in line.

Why it matters: Divisions within the party are threatening to derail Biden's top priorities. After several weeks of letting negotiations play out, the president is finally asserting his power to ensure his own party doesn't block his agenda.