In New York Budget, a Hedge Fund Victory

NYT – Nothing like the threat of tax arbitrage to keep your bonuses up. The New York state senate passed a budget after months of stalemate, but were careful not to raise taxes on some of the state’s highest earners.

The decision comes as Connecticut is encouraging firms to leave New York, promising a more favorable tax regime, a strategy often seen when local governments race to the bottom to attract business.

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