A small loophole in the new GOP tax law could be a big win for hedge funds — now the Trump administration is scrambling to close it

Steven Mnuchin Spencer Platt/Getty Images

A provision in the new GOP tax law would allow hedge fund managers to dodge a longer waiting period to claim the carried interest provision. Treasury Secretary Steven Mnuchin said Wednesday that the Internal Revenue Service will attempt to offer guidance to close the loophole. The provision is another example of the mad dash by the federal government to try and implement the massive overhaul to the tax code.

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