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NY Gov. Cuomo Targets Hedge Fund Managers With 17% "Fairness Fix" Tax

• by Tyler Durden

Never one to miss an opportunity for some virtue-signaling and wealth distribution, New York State Governor Andrew Cuomo announced today, legislation to close carried interest loophole with a so-called "Fairness Fix."

Under U.S. law, part of income earned by hedge fund managers, private equity investors, venture capitalists and certain real estate investors is known as carried interest and is treated as capital gains, rather than as ordinary income, resulting in lower capital gains tax rates.

This is reportedly costing NY state about $100m/year