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Mnuchin won't comment on carried interest for private equity

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: — 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.

Steve LeVine 6 hours ago
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Self-driving lab head urges freeze after "nightmare" fatality

Uber self-driving car in Pittsburgh. Photo: Jeff Swensen / Getty

Carmakers and technology companies should freeze their race to field autonomous vehicles because "clearly the technology is not where it needs to be," said Raj Rajkumar, head of Carnegie Mellon University's leading self-driving laboratory.

What he said: Speaking a few hours after a self-driven vehicle ran over and killed a pedestrian in Arizona, Rajkumar said, "This isn't like a bug with your phone. People can get killed. Companies need to take a deep breath. The technology is not there yet. We need to keep people in the loop."

Khorri Atkinson 6 mins ago
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Brother of Florida shooter arrested for trespassing at Stoneman Douglas High

Nikolas Cruz, the suspect in the Florida schol school massacre. Photo: Amy Beth Bennett, Pool / Getty Images

Zachary Cruz, the brother of Nikolas Cruz who confessed to carrying out last month's massacre at Marjory Stoneman Douglas High School, was arrested Monday after authorities say he trespassed on the site where the shooting took place, per the Miami Herald.

Situational awareness: The arrest comes just over a month after his brother shot and killed 14 students and 3 staff members to which prosecutors are seeking the death penalty.