Sept. 7 (Bloomberg) -- James Simons, the highest-paid hedge-fund manager in the U.S. last year, could pay enough in Medicare taxes to provide health insurance for about 4,800 senior citizens. Such estimates are being cited by backers of a proposal in the U.S. House of Representatives to raise taxes on hedge-fund and private-equity managers. Simons, the Renaissance Technologies Inc. chairman, earned $1.7 billion last year, according to Institutional Investor's Alpha magazine; his income is largely exempt from Medicare and other payroll taxes because it is considered a capital gain.
Simons, 69, hasn't taken a position on the tax proposal, his spokeswoman Joan Campion said. She wouldn't confirm his reported income or comment on the Medicare tax. Democratic Senator Charles Schumer of New York said he would support a bill that raises capital-gains taxes on all partnerships rather than exclusively on investment firms.
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