L. Scott Frantz

Malloy And GOP Say Hedge Fund Tax Could Drive Wealthy Out

Malloy And GOP Say Hedge Fund Tax Could Drive Wealthy Out

Gov. Dannel P. Malloy and Republicans strongly oppose a controversial bill calling for a 19 percent tax on hedge funds, saying that the levy could drive wealthy millionaires out of the state and hurt the state's tax base.

But liberal Democrats touted the idea Tuesday at a public hearing of the tax-writing finance committee. The committee's vice chairman, Rep. Josh Elliott of Hamden, is among those pushing for the concept that proponents say could raise as much as $535 million as the state tries to close a projected defict of $1.7 billion in the fiscal year that starts on July 1.

While strongly supported by some Democrats, the tax hike is opposed by the 10,000-member...

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