Hedge-Fund Tax Scuttled
(WSJ) — Wall Street financiers threatening an exodus to Connecticut got a reprieve from Albany: The hedge-fund tax is dead, at least for now.
State lawmakers dropped the proposal on Tuesday, striking it from a revenue bill that passed both houses and completed a long-overdue budget. While carving out the hedge-fund tax, lawmakers preserved $1 billion in new taxes and fees, sticking to their plans to restore sales taxes on clothing items under $110 and shrink the charitable deduction for people earning more than $10 million a year.
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