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States working to close carried interest tax loophole

New York Gov. Andrew Cuomo speaking at a charity event.
New York Gov. Andrew Cuomo. Photo by Nicholas Hunt/WireImage

New York is proposing state legislation that would increase taxes on managers of hedge funds and other private investment partnerships, after Congress and President Trump failed to do so via the recent federal tax bill.

Bottom line: New York only will move forward if it can get agreement on similar bills in Connecticut, Massachusetts, New Jersey and Pennsylvania.

Facts Matter: Taxing carried interest