Treasury Secretary Mnuchin was asked last night by Fox News' Tucker Carlson about why the White House tax principles did not include any mention of closing the carried interest loophole -- something that President Trump had mentioned regularly on the campaign trail.

Mnuchin replied that Trump remains committed to closing the loophole for hedge fund managers, but repeatedly avoided adding private equity fund managers into the mix:

Steve Mnuchin on the carried interest loophole for hedge funds: pic.twitter.com/R2sdt6YQE2 — Axios (@axios) April 27, 2017

Takeaway: Carried interest taxation may not matter if the White House gets Congressional approval for its plan to tax pass-through entities at 15%. In that case, changing carried interest taxation for hedge fund managers would be largely cosmetic. But it's hard to imagine Congress going along with a plan so ripe for abuse, so the real takeaway here is that hedge fund managers should be concerned about losing their loophole, but everyone else (private equity, venture capital, real estate, etc.) can sleep soundly.

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3 hours ago - Health

Fauci says if people won't wear masks, maybe it should be mandated

Anthony Fauci. Photo: Graeme Jennings- Pool/Getty Images

NIAID director Anthony Fauci told CNN on Friday evening that if "people are not wearing masks, then maybe we should be mandating it."

Why it matters: Fauci made the comments the same day the U.S. hit its highest daily COVID-19 case count since the pandemic began.

Harris to Black voters: Casting a ballot is about honoring your ancestors

Democratic vice presidential nominee Kamala Harris speaks at a "Get Out The Vote" rally at Morehouse College. Photo: Elijah Nouvelage/AFP via Getty Images

Sen. Kamala Harris appealed to Black voters in Georgia on Friday, urging them to "honor the ancestors" by casting ballots, and again calling President Trump a "racist."

Why it matters: The U.S. saw a significant decline in African-American voter turnout between 2012 and 2016, reaching its lowest point since 2000. Higher turnout among Black Americans this year could tip the balance in favor of Democrats in key battleground states, including Georgia.

Updated 3 hours ago - Politics & Policy

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Illustration: Aïda Amer/Axios

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