What N.Y. State’s Budget Means

Gov. Andrew Cuomo and the Legislature have agreed on a budget that will raise taxes on the wealthy and help those devastated by the pandemic.

#budgets-and-budgeting, #income-tax, #new-york-city, #politics-and-government, #taxation, #vaccination-and-immunization

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With a Big Tax Break, Hong Kong Tries to Soothe the Rich

Beijing, which can’t afford to let its attack on civil liberties scare away global banks and financiers, is offering them a big tax break and other perks.

#bank-of-america-corporation, #banking-and-financial-institutions, #cambridge-associates-llc, #china, #communist-party-of-china, #credit-suisse-group-ag, #goldman-sachs-group-inc, #hedge-funds, #high-net-worth-individuals, #hong-kong, #hsbc-holdings-plc, #morgan-stanley, #regulation-and-deregulation-of-industry, #taxation

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NY Reaches Deal on $212 Billion Budget to Jump-Start Economic Recovery

Gov. Andrew M. Cuomo and the Legislature have agreed to raise taxes on the wealthy and give aid to renters, businesses and undocumented immigrants.

#budgets-and-budgeting, #coronavirus-2019-ncov, #coronavirus-aid-relief-and-economic-security-act-2020, #cuomo-andrew-m, #high-net-worth-individuals, #income-tax, #new-york-state, #politics-and-government, #state-legislatures, #taxation, #unemployment-insurance

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New York Reaches Deal on $212 Billion Budget to Jump-Start Recovery

Gov. Andrew M. Cuomo and the Legislature have agreed to raise taxes on the wealthy and give aid to renters, businesses and undocumented immigrants.

#budgets-and-budgeting, #coronavirus-2019-ncov, #coronavirus-aid-relief-and-economic-security-act-2020, #cuomo-andrew-m, #high-net-worth-individuals, #income-tax, #new-york-state, #politics-and-government, #state-legislatures, #taxation, #unemployment-insurance

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New York State Is Set to Raise Taxes on Those Earning Over $1 Million

The deal, a sign of Gov. Andrew Cuomo’s weakened influence, would mean wealthy New York City residents would pay the highest combined local tax rate in the nation.

#budgets-and-budgeting, #corporate-taxes, #cuomo-andrew-m, #high-net-worth-individuals, #income-tax, #new-york-state, #taxation

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How Lower-Income Americans Get Cheated on Property Taxes

Many homeowners are paying a total of billions of dollars extra because of inequities in assessing property values.

#black-people, #cook-county-ill, #income-inequality, #local-government, #minorities, #property-taxes, #real-estate-and-housing-residential, #taxation

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No Federal Taxes for Dozens of Big, Profitable Companies

FedEx and Nike are among those found to have avoided U.S. tax liability for three straight years.

#corporate-taxes, #federal-taxes-us, #income-tax, #institute-on-taxation-and-economic-policy, #tax-credits-deductions-and-exemptions, #tax-cuts-and-jobs-act-2017, #taxation, #united-states-economy, #united-states-politics-and-government

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To Build Support for Infrastructure Plan, Biden Offers His Own Take on ‘Bipartisan’

President Biden’s $2 trillion infrastructure proposal is a test of his belief that he can generate popular backing across the country as Republicans seek to block him on Capitol Hill.

#american-rescue-plan-2021, #biden-joseph-r-jr, #democratic-party, #house-of-representatives, #infrastructure-public-works, #law-and-legislation, #republican-party, #taxation, #united-states-economy, #united-states-politics-and-government

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Biden and His Trillions

Trojan horse or supreme commander?

#biden-joseph-r-jr, #infrastructure-public-works, #law-and-legislation, #taxation, #united-states-politics-and-government

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Democrats Look to Smooth the Way for Biden’s Infrastructure Plan

House Democrats face hurdles to pushing through the president’s big spending plans, including Republican opposition and resistance from their own ranks.

#american-rescue-plan-2021, #biden-joseph-r-jr, #democratic-party, #federal-budget-us, #house-of-representatives, #infrastructure-public-works, #senate, #tax-credits-deductions-and-exemptions, #tax-cuts-and-jobs-act-2017, #taxation, #united-states-economy, #united-states-politics-and-government

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Biden Poised to Raise Taxes on Business and the Rich

The president’s infrastructure proposals are likely to require trillions of dollars in new tax revenue. They also give liberals a chance to address what they call the failures of Republican tax cuts.

#biden-joseph-r-jr, #corporate-taxes, #democratic-party, #federal-taxes-us, #income-tax, #infrastructure-public-works, #republican-party, #senate, #tax-cuts-and-jobs-act-2017, #taxation, #united-states-economy, #united-states-politics-and-government

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Biden Administration Faces Legal Fight Over State Aid Restrictions on Tax Cuts

The litigation came amid growing pushback from Republican lawmakers and state officials to a provision in the relief package that the Treasury Department said was constitutional.

#american-rescue-plan-2021, #attorneys-general, #constitution-us, #federal-state-relations-us, #ohio, #republican-party, #states-us, #stimulus-economic, #suits-and-litigation-civil, #taxation, #treasury-department, #united-states-economy, #united-states-politics-and-government

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I.R.S. Pushes Tax Deadline Back One Month

Filers will have until May 17, according to lawmakers. The extra time is intended to ease the burden on Americans dealing with the economic upheaval caused by the pandemic.

#american-institute-of-certified-public-accountants, #american-rescue-plan-2021, #federal-taxes-us, #internal-revenue-service, #tax-preparers-and-preparation, #taxation

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Republican Attorneys General Press Biden Over Restrictions on State Aid in Stimulus Plan

In a letter, 21 officials asked the Treasury secretary, Janet L. Yellen, to clarify how expansively her department would interpret a portion of the law.

#american-rescue-plan-2021, #attorneys-general, #biden-joseph-r-jr, #federal-state-relations-us, #republican-party, #taxation, #united-states-economy, #united-states-politics-and-government

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The Tax Headaches of Working Remotely

“Each state has its own rules,” one tax expert says. So if you worked in a state other than your usual one in 2020, here are some tips on dealing with the tax season.

#content-type-service, #coronavirus-2019-ncov, #income-tax, #personal-finances, #quarantine-life-and-culture, #shutdowns-institutional, #states-us, #suits-and-litigation-civil, #tax-credits-deductions-and-exemptions, #tax-preparers-and-preparation, #taxation, #telecommuting

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It May Be Time to Start Worrying About the Estate Tax

Most people have been able to pass on assets like a family home without federal tax, but that could be changing.

#biden-joseph-r-jr, #content-type-service, #federal-taxes-us, #high-net-worth-individuals, #inheritance-and-estate-taxes, #personal-finances, #real-estate-and-housing-residential, #tax-credits-deductions-and-exemptions, #tax-shelters, #taxation, #wills-and-estates

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Empty Office Buildings Squeeze City Budgets as Property Values Fall

A looming hit to tax revenues puts pressure on Congress to deliver relief.

#coronavirus-2019-ncov, #coronavirus-aid-relief-and-economic-security-act-2020, #democratic-party, #federal-state-relations-us, #house-of-representatives, #law-and-legislation, #local-government, #property-taxes, #real-estate-commercial, #recession-and-depression, #renting-and-leasing-real-estate, #republican-party, #senate, #shopping-centers-and-malls, #stimulus-economic, #taxation, #united-states-economy, #united-states-politics-and-government

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Virus Did Not Bring Financial Rout That Many States Feared

Grim forecasts held up for a few states, but many took in about as much tax revenue as before the pandemic — sometimes a lot more.

#brookings-institution, #coronavirus-2019-ncov, #federal-aid-us, #federal-budget-us, #income-tax, #layoffs-and-job-reductions, #republican-party, #sales-and-excise-taxes, #states-us, #stimulus-economic, #tax-policy-center, #taxation, #united-states-politics-and-government

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Warren Revives Wealth Tax, Citing Pandemic Inequalities

A tax on the net worth of America’s wealthiest individuals remains popular with voters, but has yet to be embraced by President Biden.

#coronavirus-2019-ncov, #federal-taxes-us, #high-net-worth-individuals, #senate, #taxation, #united-states-economy, #united-states-politics-and-government, #warren-elizabeth

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Is New York Finally Ready to Tax the Rich?

It only took a pandemic and 16 percent unemployment to find the political will to do so.

#cuomo-andrew-m, #high-net-worth-individuals, #income-inequality, #occupy-wall-street, #taxation

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Working from home now? Your 2020 state tax situation could suck

The arm of the law can be long indeed.

Enlarge / The arm of the law can be long indeed. (credit: Aurich Lawson / Getty Images)

Imagine for a moment that you work remotely—as so many now do in the COVID era—from a comfortable spare bedroom in your New Jersey home. Your employer is nominally based in New York City, but thanks to the pandemic, you didn’t even cross the Hudson River last year. So how is it that New York claims you owe them a pile of cash for state taxes?

Maybe this doesn’t sound terrible; after all, New York’s tax rates don’t differ so dramatically from New Jersey’s. But imagine instead that you took the opportunity provided by telecommuting to move to a “no income tax” state like Texas. Come tax time, you are planning on a big fat nothingburger of a state tax bill. And yet, New York could still claim state tax on your earnings. Now we’re talking a serious—and perhaps completely unplanned—financial hit.

Welcome, telecommuters, to the nightmare that can result when you and the state disagree about “where” you work.

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#employer-convenience, #features, #income-tax, #income-taxes, #new-york, #policy, #remote-work, #tax, #taxation, #telework

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Gov. Phil Murphy Unveils N.J. Budget Plan With No New Taxes

A $44.8 billion spending plan unveiled Tuesday by Gov. Phil Murphy calls for no new taxes and fully funds the state pension program for the first time since 1996.

#budgets-and-budgeting, #coronavirus-2019-ncov, #coronavirus-aid-relief-and-economic-security-act-2020, #elections-governors, #labor-and-jobs, #murphy-philip-d-1957, #new-jersey, #stimulus-economic, #taxation, #unemployment, #united-states-economy

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Tech groups sue Maryland to block new digital-ad tax from going into effect

Tech groups sue Maryland to block new digital-ad tax from going into effect

Enlarge (credit: G Fiume | Getty )

A group of business organizations led by the US Chamber of Commerce is suing the state of Maryland, seeking to block the implementation of the state’s brand-new, first-of-its-kind tax on digital-advertising revenue.

Maryland’s tax bill is “deeply flawed” and “illegal in myriad ways,” the suit (PDF) alleges, claiming that act will “harm Marylanders and small businesses and reduce the overall quality of Internet content.”

“This is a case of legislative overreach, punishing an industry that supports over one hundred thousand jobs in Maryland and contributes tens of billions of dollars to its economy each year,” the Internet Association, one of the plaintiffs, said in a statement about the suit. “Internet services and companies are proud to play a role in creating opportunities for Maryland’s small businesses and citizens.”

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#ccia, #chamber-of-commerce, #digital-ad-tax, #internet-association, #lawsuits, #maryland, #netchoice, #policy, #taxation, #taxes, #us-chamber-of-commerce

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State lawmakers override veto, become first in nation to tax online ads

None of these companies are keen to hand over a slice of their revenue to Maryland.

Enlarge / None of these companies are keen to hand over a slice of their revenue to Maryland. (credit: Malik Evren | Getty Images)

Maryland today became the first state in the nation to impose a tax on digital advertising revenue, overriding an earlier veto from the governor and incurring the wrath of piles of Big Tech businesses that are all but guaranteed to sue.

The bill (PDF) levies a state tax of up to 10 percent on the annual gross revenues of all digital advertising aimed at users inside Maryland state. Proceeds from the new tax are explicitly earmarked to go into an education fund dedicated to improving Maryland public schools.

“Right now, they don’t contribute,” the bill’s primary sponsor, Sen. Bill Ferguson (D) said of the bill. “These platforms that have grown fast, and so enormously, should also have to contribute to the civic infrastructure that helped them become so successful.”

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#advertising, #amazon, #digital-advertising, #digital-advertising-gross-revenues-tax, #facebook, #google, #maryland, #policy, #taxation, #taxes

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Maryland Nears Country’s First Tax on Big Tech’s Ad Revenue

Analysts estimate that the tax would generate up to $250 million for schools in the state in the first year. It would also probably face fierce legal challenges.

#corporate-taxes, #hogan-lawrence-j, #law-and-legislation, #maryland, #online-advertising, #state-legislatures, #taxation, #vetoes-us

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Democrats to Unveil Up to $3,600 Child Tax Credit as Part of Stimulus Bill

The credit would send monthly payments to millions of Americans under certain income thresholds for a year starting in July.

#biden-joseph-r-jr, #children-and-childhood, #coronavirus-2019-ncov, #coronavirus-aid-relief-and-economic-security-act-2020, #democratic-party, #families-and-family-life, #house-of-representatives, #internal-revenue-service, #law-and-legislation, #poverty, #stimulus-economic, #tax-credits-deductions-and-exemptions, #taxation, #united-states-economy, #united-states-politics-and-government, #yellen-janet-l

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A Letter to My Liberal Friends

If you want to know what worries conservatives, look at California.

#biden-joseph-r-jr, #boudin-chesa, #california, #education-k-12, #infrastructure-public-works, #presidential-election-of-2020, #relocation-of-business, #taxation

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The Republican Economic Plan Is an Insult

It’s bad faith in the name of bipartisanship.

#biden-joseph-r-jr, #coronavirus-2019-ncov, #coronavirus-aid-relief-and-economic-security-act-2020, #republican-party, #senate, #stimulus-economic, #taxation, #unemployment-insurance, #united-states-politics-and-government

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The First Post-Reagan Presidency

So far, Joe Biden has been surprisingly progressive.

#a-promised-land-book, #appointments-and-executive-changes, #bernstein-jared, #biden-joseph-r-jr, #conservatism-us-politics, #coronavirus-2019-ncov, #coronavirus-aid-relief-and-economic-security-act-2020, #democratic-party, #economics-theory-and-philosophy, #emanuel-rahm, #environment, #executive-orders-and-memorandums, #filibusters-and-debate-curbs, #food-stamps, #hawley-josh-d-1979, #house-of-representatives, #inflation-economics, #interest-rates, #khanna-ro, #leftism-us-politics, #liberalism-us-politics, #minimum-wage, #national-debt-us, #new-deal-1930s, #obama-barack, #politics-and-government, #presidential-election-of-2008, #presidential-election-of-2020, #primaries-and-caucuses, #progressivism-us-politics, #reagan-ronald-wilson, #recession-and-depression, #republican-party, #roosevelt-franklin-delano, #sanders-bernard, #senate, #skowronek-stephen, #stimulus-economic, #tax-credits-deductions-and-exemptions, #taxation, #trump-donald-j, #united-states-economy, #united-states-politics-and-government, #vaccination-and-immunization, #warren-elizabeth

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Who Will Pay to Get America Back on Its Feet?

A one-time tax on those who have made lots of money during the pandemic may be an answer.

#amazon-com-inc, #antitrust-laws-and-competition-issues, #coronavirus-2019-ncov, #facebook-inc, #high-net-worth-individuals, #income-inequality, #social-media, #taxation

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Biden Wants to Raise Taxes, Yet Many Trump Tax Cuts Are Here to Stay

While Democrats have vowed to repeal the former president’s signature 2017 law, his successor is more likely to tinker with it, given constraints.

#corporate-taxes, #federal-budget-us, #federal-taxes-us, #infrastructure-public-works, #tax-credits-deductions-and-exemptions, #tax-cuts-and-jobs-act-2017, #tax-shelters, #taxation, #trump-tax-returns, #united-states-politics-and-government

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Cuomo Offers Doomsday Proposal to Attack a Possible $15 Billion Deficit

Without a full federal aid package, the state would have to cut $2.6 billion in school and Medicaid spending, the governor said.

#budgets-and-budgeting, #cuomo-andrew-m, #new-york-state, #politics-and-government, #schumer-charles-e, #state-legislatures, #stimulus-economic, #taxation

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Legalized Marijuana in New York: This Could Be the Year

With the state facing a budget crisis, a Democratic supermajority in Albany may pave the way for new taxes and the legalization of recreational pot.

#budgets-and-budgeting, #coronavirus-2019-ncov, #cuomo-andrew-m, #marijuana, #new-york-state, #politics-and-government, #state-legislatures, #taxation

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Pandemic-boosted remote workforce may be in for a shock at tax time

Depending where you live and work, you may need <em>at least</em> this many devices to sort your tax situation out this spring.

Enlarge / Depending where you live and work, you may need at least this many devices to sort your tax situation out this spring. (credit: Boonchai Wedmakawand | Getty Images)

The COVID-19 pandemic accelerated a trend that was already well underway: employers letting their workers perform their jobs remotely, from home, most or all of the time. But even if you and your employer both know exactly where you live and work, you may be surprised to learn that state departments of taxation can have some very different ideas about where “here” is. As a result, Texans, Utahns, and Arkansawyers who work for New York- or Massachusetts-based companies will have income taxes withheld from their paychecks, even if they’ve never set foot in the home office.

In the wake of the pandemic, dozens of major companies are embracing employees’ desire to stay remote, increasing their support for working from home permanently. Some businesses have even closed offices or let leases lapse, counting on a physically distant, flexible workforce to reduce their real estate needs.

In many ways this can be a win/win: employers can save overhead costs on expensive square footage in high-demand cities, and employees can save time and money by skipping the commute and dialing in from, basically, anywhere they want. New York, San Francisco, and Los Angeles are expensive; maybe you want to move to Montana and dial in from the woods, or get a nice little ocean-view place in Florida. Unfortunately, as far as the state is concerned, your beachside cabana may as well be squarely in the middle of Manhattan, and you will be taxed as such.

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#income-tax, #income-taxes, #interstate-commerce, #policy, #tax, #taxation, #taxes

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‘Stay Alive and Survive’: Ski Resorts Brace for a Pandemic Season

Many have put capacity restrictions in place, even as new lockdowns may spook visitors.

#alpine-skiing, #coronavirus-2019-ncov, #lake-tahoe-nev, #layoffs-and-job-reductions, #national-ski-areas-assn, #seasons-and-months, #shutdowns-institutional, #skiing, #snow-and-snowstorms, #spring-season, #taxation, #travel-and-vacations

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Congress Drops State Aid to Secure Stimulus, A Challenge for Biden

A campaign by conservative activists and disputes over how to divvy up federal assistance have thwarted negotiators. But President-elect Joe Biden will make a new push for such funding next year.

#americans-for-tax-reform, #biden-joseph-r-jr, #budgets-and-budgeting, #coronavirus-aid-relief-and-economic-security-act-2020, #democratic-party, #house-of-representatives, #law-and-legislation, #norquist-grover-g, #recession-and-depression, #republican-party, #senate, #states-us, #taxation

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Hunter Biden Discloses He Is Focus of Federal Tax Inquiry

Mr. Biden said Justice Department prosecutors in Delaware had said they were examining his “tax affairs.”

#biden-hunter, #biden-joseph-r-jr, #cefc-china-energy, #federal-taxes-us, #justice-department, #money-laundering, #presidential-election-of-2020, #taxation, #trump-donald-j, #united-states-politics-and-government

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In Blue States and Red, Pandemic Upends Public Services and Jobs

As a standoff over federal aid persists, state and local governments are making deep budget cuts. “Everything’s going to slow down,” one official said.

#budgets-and-budgeting, #coronavirus-2019-ncov, #coronavirus-aid-relief-and-economic-security-act-2020, #democratic-party, #labor-and-jobs, #layoffs-and-job-reductions, #local-government, #politics-and-government, #republican-party, #states-us, #taxation, #united-states-economy

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Biden’s Economic Picks Suggest Focus on Workers and Income Equality

In the White House and elsewhere, the president-elect’s selections are heavy on labor economists and champions of organized labor.

#adeyemo-adewale, #bernstein-jared, #boushey-heather, #coronavirus-2019-ncov, #credit-and-debt, #federal-taxes-us, #income-inequality, #labor-and-jobs, #rouse-cecilia-e, #tanden-neera, #taxation, #unemployment, #united-states-economy, #united-states-politics-and-government, #wages-and-salaries, #yellen-janet-l

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Let’s Talk About Higher Wages

The nation, and the Democratic Party, desperately needs a replacement for the tired story that tax cuts drive economic growth.

#democratic-party, #labor-and-jobs, #minimum-wage, #republican-party, #taxation, #united-states-economy, #wages-and-salaries

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As Soon as Trump Leaves Office, He Faces Greater Risk of Prosecution

The president is more vulnerable than ever to an investigation into his business practices and taxes.

#federal-taxes-us, #frauds-and-swindling, #income-tax, #james-letitia, #manhattan-nyc, #presidential-election-of-2020, #tax-evasion, #taxation, #trump-organization, #trump-tax-returns, #trump-donald-j, #united-states-politics-and-government, #vance-cyrus-r-jr

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A Big Win for Democrats in California Came With a Gut Check for Liberals

Joe Biden received one of the highest margins in the nation in California, but a look at how the state’s ballot measures were decided shows a more complex picture of the electorate.

#affirmative-action, #california, #criminal-justice, #democratic-party, #presidential-election-of-2020, #referendums, #taxation, #united-states-politics-and-government

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Who Is Ben Harris, the Quiet Architect of Biden’s Economy Plan?

Ben Harris is not a household name, even in economics. But he helped develop a package of tax and spending increases that has not spooked Wall Street.

#biden-joseph-r-jr, #federal-budget-us, #federal-taxes-us, #income-inequality, #presidential-election-of-2020, #stimulus-economic, #taxation, #united-states-economy

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Taxes, Heroin and Statehood: A Glimpse Into This Year’s Ballot Measures

The coronavirus pandemic has put a dent in the signature-gathering process, but voters still managed to put forward dozens of measures nationwide.

#law-and-legislation, #referendums, #taxation

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How a Century of Real-Estate Tax Breaks Enriched Donald Trump

The real estate industry has long enjoyed uniquely favorable tax treatment — thanks in part to Mr. Trump’s actions before and after he became president.

#federal-taxes-us, #income-tax, #presidential-election-of-2016, #presidential-election-of-2020, #real-estate-commercial, #tax-credits-deductions-and-exemptions, #tax-shelters, #taxation, #trump-tax-returns, #trump-donald-j, #united-states-politics-and-government

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Vote for Progressive Taxation in California, Illinois and Arizona

The people of Illinois, Arizona and California have a chance to make the distribution of state taxation a little more fair.

#arizona, #california, #illinois, #income-inequality, #income-tax, #real-estate-commercial, #referendums, #taxation

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Hedge Fund Magnate Is Moving His $41 Billion Firm From N.Y. to Florida

The firm, Elliott Management, led by Paul Singer, will transfer its headquarters to West Palm Beach, Fla., because of the pandemic.

#elliott-management-corp, #federal-taxes-us, #florida, #high-net-worth-individuals, #icahn-carl-c, #income-tax, #new-york-city, #pollock-jonathan-d, #relocation-of-business, #singer-paul-e, #tax-cuts-and-jobs-act-2017, #taxation, #trump-donald-j

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Why Trump’s Taxes Are a Call to Action

For a more equitable system, we need a simpler and fairer tax code.

#democratic-party, #federal-taxes-us, #high-net-worth-individuals, #income-tax, #tax-credits-deductions-and-exemptions, #tax-cuts-and-jobs-act-2017, #taxation, #trump-tax-returns, #trump-donald-j, #united-states

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Pandemic Exposes Holes in Sweden’s Generous Social Welfare State

Decades of budget-cutting and market reforms laid the ground for a wave of death in Swedish nursing homes.

#coronavirus-2019-ncov, #elder-care, #labor-and-jobs, #nursing-homes, #politics-and-government, #sweden, #taxation, #wages-and-salaries

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Why These Millionaires Are Staying Put Despite a New Tax on Them

The reason has little to do with money. Family and community ties keep them from leaving their state.

#coronavirus-2019-ncov, #cuomo-andrew-m, #high-net-worth-individuals, #income, #personal-finances, #sanders-bernard, #states-us, #tax-credits-deductions-and-exemptions, #taxation, #tepper-david-a, #warren-elizabeth

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