Mayor: tax plan could scare away real estate partnerships

April 17, 2008 08:22AM

Mayor Michael Bloomberg has warned that a flight from New York City could be the result of a tax proposal targeting general partners of hedge funds, private equity firms, and real estate partnerships. The plan would require them to pay local business income taxes on their share of investment profits. “Don’t try to raise the taxes on those who could pick up and move out tomorrow, because you won’t get even what they’ve been paying,” Bloomberg said. At least nine City Council members back the proposal, as well as labor leaders and members of the Working Families Party.


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