Reuters- New York City hedge funds earned $20 billion to $39 billion last year, far outstripping the profits of Wall Street banks and demonstrating how outdated the city’s tax system risks becoming, a new study said on Tuesday.
The Fiscal Policy Institute, the New York-based think-tank that issued the report, wants hedge funds and their private equity brethren to pay higher taxes, echoing a call by some Congressional representatives.
Last year was an exceptionally miserable one for the banks and brokerages that make Manhattan a global money center and underpin the city’s economy.
