(CNBC) Hedge fund managers have to fork over billions of dollars in taxes next year for gains they accumulated on deferred income from offshore funds as a long-standing tax loophole expires. The Wall Street Journal reported Thursday that Steven Cohen, the billionaire founder of SAC Capital Advisors, has $1 billion of deferred offshore income likely subject to the tax, while David Einhorn of Greenlight Capital and Daniel Loeb of Third Point face tax bills of more than $100 million. The Joint Committee on Taxation estimated in 2008 that total payments from hedge fund managers could be at least $25 billion.
Hedge Funders Scramble for Ways to Pay Tax Bill Now That a Big Loophole Is Closed
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