Which hedge fund managers are getting more money in tax season?
A new report from Bloomberg News suggests hedge fund manager Ben Horowitz may be getting more in federal tax credits than some of his peers.
The report notes that Horowitz received $2.9 billion in federal payments for tax credits and exemptions in the fourth quarter of 2017.
That’s an increase of about $500 million over the same period last year, and about $200 million more than the $1.1 billion he received in the same quarter a year ago.
The $2 billion increase was largely offset by the loss of federal tax deductions, such as state and local taxes.
The hedge fund firm has earned a reputation for aggressive tax avoidance and evasion, and the IRS is looking to get at some of that revenue, but it’s unclear how many hedge fund partners and investors are getting a tax break.
The federal government is still the largest tax payer for hedge fund firms, according to Bloomberg, which estimates that hedge fund investors will take home about $5.3 trillion in tax breaks and deductions in 2021.