Miami, a new tax haven for hedge funds


“I’m excited to come to Miami with my family and look forward to rapidly expanding Citadel in this diverse, high-energy city,” said Ken Griffin, the Miami hedge fund’s founder. $50 billion. He had justified his departure and the relocation of his headquarters by the high crime rate of Chicago, the historical base of the fund. Someone ignorant or oblivious had tried to steal the car of Ken Griffin, one of the best protected men in town since he hired David Cho, the former security chief of US President Joe Biden.

But like many American companies, the founder of the hedge fund is not insensitive to the attractive tax system of Florida. It does not levy personal income tax. Corporate taxation is low, with a rate of 5.5%. But Ken Griffin has paid nearly $200 million in taxes to the State of Illinois in recent years. He has donated nearly $600 million to the City of Chicago and its charitable organizations. He felt that he was paid little in return for his commitment. The Republican-minded financier’s relationship with the city’s Democratic mayor, Lori Lightfoot, was notoriously bad.

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