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Illustration: Lazaro Gamio/Axios

President Trump still wants to end the carried interest tax break, in which certain investment managers pay capital gains rates instead of higher ordinary income rates. But don't expect it to happen anytime soon, if at all.

Driving the news: He made the comments to Fox News host Steve Hilton, who noted that then-candidate Trump had once referred to the current system as "getting away with murder." But then things get fuzzy.

  • Trump told Hilton that he used carried interest as a "negotiating chip" during 2017 tax bill negotiations to get corporate rates down to 21%, saying it otherwise would have been "23 or 24%."
  • Gary Cohn, when still Trump's top economic advisor, told Axios that Trump was asking up until the last minute "if we could still get rid of it." So if Trump was using carried interest as a negotiating chip, no one told Trump.

Between the lines: Cohn at the time blamed lobbyist-driven GOP House members from blue states for the pushback, but said nothing about a tit-for-tat on corporate rates (which the GOP caucus seemed to be in agreement on).

  • Probably because the math isn't anywhere near comparable, with even Trump telling Fox that the carried interest change wouldn't generate "that much money" in new federal revenue.

The bottom line: The House is now controlled by Democrats, who are generally more supportive of this change than are Republicans. But there's no obvious mechanism for how it would now get passed. Trump had his chance, but "negotiated" it away.

Go deeper: What taxing "carried interest" means

Go deeper

Updated 50 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Health: Trump, Melania received COVID vaccine at White House in January — CDC director warns "now is not the time" to lift COVID restrictions.
  2. Vaccine: J&J CEO "absolutely" confident in vaccine distribution goals Most states aren't prioritizing prisons for COVID vaccines — Vaccine hesitancy is shrinking.
  3. Economy: Apple says all U.S. stores open for the first time since start of pandemic — What's really going on with the labor market.
  4. Sports: Poll weighs impact of athlete vaccination.
  5. World: Italy tightens restrictions as experts warn of growing prevalence of variants — PA announces new COVID restrictions as cases surge.
  6. Local: Colorado sets timeline for return to normalcy.
Updated 53 mins ago - Politics & Policy

Trump received COVID vaccine at White House in January

Photo: Noam Galai/Getty Images

Former President Trump and former first lady Melania Trump were both vaccinated at the White House in January, a Trump adviser tells Axios.

Why it matters: Trump declared at CPAC on Sunday that "everybody" should get the coronavirus vaccine — the first time he's encouraged his supporters, who have been more skeptical of getting vaccinated, to do so.

Biden administration seeks to allow separated migrant families to reunite in U.S.

Secretary of the Department of Homeland Security Alejandro Mayorkas announced Monday that the Biden administration will explore "lawful pathways" to allow migrant families separated under the Trump administration to reunite in the U.S.

Why it matters: Biden has pledged to reunite the hundreds of families still separated as a result of the Trump administration's "zero tolerance" policy, and signed an executive order last month creating a family separation task force chaired by Mayorkas.