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Council Members Push for Hedge Fund Tax
With Mayor Bloomberg asking all city agencies to trim their spending, some council members think they've hit on a new way to raise revenue.
by WNYC Newsroom
NEW YORK, NY April 16, 2008 —They want to increase the taxes paid by private equity and hedge fund managers.
The idea is to apply the city's Unincorporated Business Tax to the money fund managers make on their clients' investments. The liberal Fiscal Policy Institute calculates city coffers would grow by as much as $225 million if those earnings were taxed.
Opponents warn that many private equity and hedge funds have already moved to Connecticut, and more would leave if their taxes increased.
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