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.
YO-GA! YO-GA! YO-GA!
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!
For Richer or Poorer
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.
In light of the passage of Governor Cuomo’s tax bill last week, The Observer decided to informally poll the rich. What’s your take, you happy few?
Achievements in News Copy
Edgar Bronfman Jr. announced yesterday that he was stepping down from his position as the chairman of Warner Music Group, effective January 31. Turns out he is stepping down from his perch at 812 Park Avenue, as well.
According to city records, Mr. Bronfman has transferred sole control of the triplex penthouse to his wife Clarissa Bronfman, with whom he bought the home in May for $16 million.
The debt ceiling, spending cuts, the political hostage situation that even the characters of the West Wing aren’t entirely clear on: they’re complicated. Alas, the world needs more simple ways to understand the long-stretching implications of these problems. Thankfully, this is where Bloomberg comes in.
If the computer’s don’t kill us, the taxes will.
The city’s Department of Finance began using a new formula along with new computational software last year to calculate taxes for the city’s vast swathes of co-operative housing stock last year. It resulted in huge new assessments for hundreds of buildings, according to The Read More
House Speaker John Boehner was in his Ohio district yesterday, and told ABC News “I don’t think the big oil companies need to have the oil depletion allowances, but for small, independent, oil and gas producers, if they didn’t have this, there’d be even less exploration in America than there is today.”
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