It is no secret that taxes from the super rich create major revenues for states, but how much states lean on hedge fund managers and others makes it imperative that they discourage millionaires and billionaires from leaving. It hasn’t gone so far that states actually track the habits for the wealthy to ensure they aren’t contemplating relocating, but one billionaire who is not mentioned was so sought after the tax officials actually asked him his plans, and were relieved that they were only losing him as a resident, but his hedge fund was staying in Connecticut.
Connecticut’s state revenue commissioner, Kevin Sullivan, told Omaha.com, “At least we didn’t lose both (the residence and the hedge fund) … There are probably a handful of people—five or seven people—who if they just picked up and went, you would see the revenue stream.” The article didn’t reveal who comprises this handful, but one can guess that Steve Cohen might be on the list. Since getting into hot water on charges of insider trading with one of the most successful hedge funds SAC Capital, he has been managing only his own money at Point 72 based in Greenwich Connecticut. Cohen is passionate about ensuring that his fund doesn’t fall afoul of regulators, and has even offered jobs to ex-FBI agents and former regulators to work at his $10 billion fund. While the offers haven’t had takers yet, it seems that Cohen is determined to polish up his image.
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