Governor Andrew Cuomo announced a proposal to change the way income for private equity investors is taxed. According to the Governor, a loophole means investors pay lower tax rates than ordinary New Yorkers on their income but his proposal would close that loophole resulting in over a billion dollars annually in additional revenue. The bill would change certain types of investor income that’s currently categorized as capital gains as regular income and assess a 17 percent tax on that income.

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