Meanwhile, Behind the Curtain…
While the rest of us were busy stoking the initiative to tax hedge fund managers’ earnings as earnings, not capital gains—and feeling like we might actually be getting somewhere—these fund managers were busy pulling off an amazing tax coup.
As described by David Cay Johnston this AM in the New York Times, partners in the Blackstone Group, the formerly private hedge fund that just went public, will not simply avoid paying taxes on the billions they raised on the sale. They’ll get about $200 million back.
