Forbes – Billionaire and founder of hedge fund, Omega Advisors, Leon Cooperman, recently gave me his thoughts on New York’s possible hedge fund tax and its likely impact on the state. “Politicians need to understand there are consequences of their actions,” he warned.
The proposed tax would hit hedge fund managers who live in nearby states (like Connecticut) but work in New York. It would tax a manager’s “carried interest” (typically 20% of the profits they generate), as ordinary income, which can be a rate as high as 35%. Until now, it had been treated as capital gains and was taxed at 15%.
