The city’s Independent Budget Office has some ideas for incoming Mayor-elect Bill de Blasio to boost revenue and save cash as he prepares to take the reins of City Hall.
As part of its annual wish list, the group has suggested boosting the city’s tax rate on alcohol–and adding new tax on wine–to rake in nearly $50 million in extra revenue a year.
The Winter Months
Bill de Blasio may have won the mayoral contest last night, but Gov. Andrew Cuomo insisted today everyone needs to wait a little bit when it comes to whether he approves Mr. de Blasio’s signature proposal to tax the rich to fund universal pre-K and more after-school programs.
Comedian Lewis Black is back with another love letter to New York State–and New York Gov. Andrew Cuomo.
In a new video, which debuted this morning at a press conference formally launching the state’s new START-UP NY tax-free zones, Mr. Black celebrates the governor’s efforts to make the state more business-friendly in his usual, sarcastic form.
The tax man
The last few months have been a fraught time for a number of privacy-loving and estate-planning New Yorkers who looked likely to lose a significant tax break because they bought their co-ops and condos in trusts or LLCs.
The practice of buying a home in a trust or an LLC has, over the years, blossomed in popularity alongside with the online availability of property records and the proliferating numbers of snoops who use Google to search out the details of their friends’, colleagues’, acquaintances’ and enemies’ personal lives. Which is unsurprising given that until this year there was no penalty for shielding one’s identity from prying eyes via a hastily-incorporated LLC.
Nite Moves, a strip club in Albany, N.Y., deserves the same treatment as the New York City Ballet in the eyes of the tax man. That’s the basic argument before New York’s highest court right now. Nearly a half-million dollars are at stake if the establishment wins the case and achieves tax-exempt parity with other fine purveyors of the terpsichorean arts. Public Radio International’s Studio 360 reports that the club has been victorious in the past:
TAX ON TAX ON TAX
If there’s one thing all Americans likely understand in some cursory manner about Mitt Romney, beyond the matter of his religion, it’s that something is curious about the way he pays his taxes. Most Americans, for example, don’t have dealings with shell corporations in the Cayman Islands. Also, in the circumstance that they’re asked for their tax returns, most Americans usually don’t have a choice as to whether or not they’re going to produce them. But as of yet, the Republican candidate for the highest office in the land hasn’t exactly seen his tax returns become a matter of interest within pop culture. Until now.
Time. We really have so little of it. Just a few years ago it seemed like condo and co-op owners had all the time in the world with their beloved tax abatement and now it’s expiring.
There are plenty of abatements out there, of course—ones for new construction and capital improvements, senior citizens and veterans, but this one is special. This is the one that gives a generous 17.5 percent property tax reduction to just about all co-op and condo owners. And it’s going to die on June 30 if an extension doesn’t come along to save it.
The situation has looked bad before, of course. The abatement, first passed in 1996 to help offset the disparity between the tax rates of co-op and condos versus one- to three-family houses, has required several renewals. Still, have things ever been this dire?
President Barack Obama is set to roll out his backing of The Buffett Rule, which will be at the center of his campaign, reports the Financial Times. The Buffett Rule is being pitched as a “simple principle” of American tax codes inspired by Warren Buffet’s now-famous claim that his secretary pays a higher tax rate than himself because of the voodoo implicit in capital gains tax rates and the like that benefit the country’s top earners. It is brilliant, if only for already being one of the most well-branded pieces of politics in the history of legislation. Think about this less as a political play, or a piece of propaganda, and more one of brilliant advertising work.
No, it’s not an April Fool’s Day prank: Starting yesterday,the New York State sales tax exemption for clothing under $110has been put back into place, after being off-again, on-again since 2000. So go crazy at Macy’s, y’all!
YO-GA! YO-GA! YO-GA!
Inhale. Now, exhale. Now inhale again. Think Yoga is deserving of relief from the capital-T Tax Man? Might be time to stop holding your breath.