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Columbia Business School’s Federico Mainardi spoke with Bloomberg News about how Wall Street firms are increasingly developing strategies to generate “tax alpha” for wealthy investors. Mainardi explained how financial institutions design investment approaches that minimize tax liabilities, allowing clients to significantly reduce capital gains taxes while preserving returns. His insights, supported by his research “Who Harvests? Tax Alpha and Heterogeneous Responses to Capital Gains Taxation,” highlight how tax strategies are shaping investment behavior and raising broader questions about equity and regulatory oversight in financial markets.
