Thursday, 2 October 2014
Last updated 25 min ago
Dec 17 2008 | 1:51am ET
Facing a huge budget shortfall, the governor of New York is proposing a new tax on hedge fund managers.
Under the budget laid out by Gov. David Paterson yesterday, New York would expand nonresident income taxes to included hedge fund management fees. The measure, if passed, is expected to net the state $60 million.
Hedge fund managers living and working in the Empire State may also be hit by limitations on deductions for those earning more than $1 million, and a potential tax hike on the wealthy.
New York, which has been hit especially hard by the economic crisis—Paterson estimates that the state could lose 225,000 jobs—faces a $15.4 billion deficit over the next 15 months. The governor says the state could save more than $1 billion if the budget is adopted by March 1, a month earlier than the deadline, which New York has difficulty doing anyway: The state’s budget has only been passed on time twice in the past 20 years.
Paterson has proposed closing the budget gap with $7.2 billion in budget cuts and $4.1 billion in new or increased taxes and fees, including an 18% tax on sugary sodas and juice drinks.
Paterson took the state’s helm from former hedge fund bête noir Eliot Spitzer, who resigned as a result of a prostitution scandal in January.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
High frequency trading is not evil, it is not a conspiracy and it really is not new; it is the natural evolution of the professional trading community making markets, providing liquidity and hopefully...