"It’s the time of year when a young man’s fancy lightly turns to thoughts of deductions and write-offs," writes James Surowiecki in his New Yorker column.One select group of Americans, though, has a more pressing tax-season task on its mind: preserving a lucrative loophole in the I.R.S. code. The provision allows money managers at privately held partnerships—like hedge and private-equity funds—to treat most of the money they make as capital gains rather than as ordinary income.
What percentage of hedge fund managers would quit if their earnings were taxed as ordinary income? What alternative careers would they choose?
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