There's one thing Donald Trump has stated he intends to do, that many Republicans just can't get behind.
While GOP lawmakers have consistently had Trump's back on various proposals, there is one priority that Wall Street lobbyists are trying to keep him from.
That is the issue of carried interest, according to the New York Times' weekend reporting.
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"President Trump has been trying to eliminate the tax loophole, which benefits Wall Street, but Congressional Republicans may stand in the way," the report states.
Defining the carried interest rule as a policy requiring "executives at hedge funds and P.E. and venture capital firms pay roughly 20 percent tax on their profits, a rate that’s so low it’s drawn criticism from Warren Buffett," the report from Saturday adds, "One Washington lawyer described the lobbying effort to DealBook as 'significant,' a sign of the escalating stakes."
It adds that, "the private equity industry, which stands to lose big if the president upends the tax break, is still bracing for a fight."
“They’ll fight tooth-and-nail on any sort of change,” said Jessica Millett, a tax partner at Hogan Lovells, the report states.
According to the report "Trump’s disdain for carried interest is a rare fracture between him and Republican lawmakers."
"Traditionally, Democrats have been behind efforts to kill it, and when Trump renewed his call to eliminate carried interest this month, congressional Democrats — not Republicans — were ready with stand-alonebills to do just that," the report states. "But Trump may finally be eroding G.O.P. unity. Republican senators John Cornyn of Texas and Thom Tillis of North Carolina, both members of the Senate Finance Committee, said in recent weeks that they were open to considering changes to the rule."