Tag: Taxation

Mnuchin Vows to Protect Trump’s Privacy if Tax Returns Sought

WASHINGTON — Steven Mnuchin, the Treasury secretary, signaled on Thursday that he would likely block a congressional request to obtain President Trump’s tax returns on privacy grounds, setting up a potential legal battle if Democrats follow through with plans to request those documents. During an occasionally testy hearing before the House Ways and Means Committee, […]

Read More

How a $238 Million Penthouse Turned a Long-Shot Tax on the Rich Into Reality

[What you need to know to start the day: Get New York Today in your inbox.] The road to the nation’s first tax on superluxury second homes may well have begun at 220 Central Park South, where a four-story, 24,000 square-foot penthouse, unfinished and unfurnished, recently sold for $238 million. […]

Read More

Amazon’s Hard Bargain Extends Far Beyond New York

SEATTLE — When Texas officials pushed Amazon to pay nearly $270 million in back sales taxes in 2010, Amazon responded by closing its only warehouse in the state and scrapping expansion plans there. Two years later, the officials agreed to waive the past taxes in exchange for Amazon opening new […]

Read More

Smaller Tax Refunds Surprise Those Expecting More Relief

The tax preparers at H&R Block had a new class before their busy season started this year: empathy training. They listened to a mock exchange between an employee and a customer whose refund would not just shrink but disappear. The ficticious client had received a $1,500 refund last year, but […]

Read More

New York Millionaires Tell Albany: Tax Us, Please

ALBANY — A millionaire walks into the State Capitol and says, “Raise my taxes.” Please. This was no joke: The millionaire was Morris Pearl, a former BlackRock executive who is the chairman of a group called the Patriotic Millionaires, a group dedicated to pushing for higher taxes on businesses and […]

Read More

New York Needs Amazon

On Nov. 13, 2018, Amazon announced that New York would become one of two locations for the company’s second North American headquarters, ending a competition that had involved more than 200 places, including cities as diverse as Chicago, Atlanta, Denver, Newark and Austin, Tex. But there was hardly any cheering […]

Read More

The Government Shutdown Made the I.R.S. Even More Frustrating to Deal With

WASHINGTON — A record shutdown of the United States government resulted in a “shocking” number of taxpayers’ calls to the Internal Revenue Service going unreturned or being left to languish on hold for unusually long periods, according to a government audit released on Tuesday. The audit, by the office of […]

Read More

Wall Street’s Slide Hurts New York; City Loses Nearly $1 Billion in Tax Revenue

[What you need to know to start the day: Get New York Today in your inbox.] New York City officials are projecting that total personal income tax revenues will come in $935 million lower than the previous year, a sharp reversal of the nearly decade-long boom that accompanied Wall Street’s […]

Read More

Yes, Tax the Rich. But Do It Right.

ImageCreditXavier Bonghi/The Image Bank, via Getty Images Representative Alexandria Ocasio-Cortez is calling for a steep increase in the tax rate of America’s top earners to help level income inequality and raise revenue for the deficit. But in his Op-Ed “A Better Way to Tax the Rich,” Steven Rattner, a contributing […]

Read More

The Global Con Hidden in Trump’s Tax Reform Law, Revealed

Last night, President Trump reserved a few minutes of his State of the Union address to praise his tax reform law, which turned a year old last month. To promote its passage, Mr. Trump and his congressional allies promised Americans that drastically lowered corporate tax rates would bring home large […]

Read More

Nolte: Gov. Cuomo Falsely Blames Trump for New York’s $2.3 Billion Budget Shortfall

Gov. Andrew Cuomo (D-NY) is blaming President Trump for his state’s $2.3 billion budget shortfall. According to Cuomo, it was Trump’s tax cut that caused “many of the state’s richest residents — who pay 46 percent of the state’s income tax — to either change their primary residence or leave New York entirely.” Let me […]

Read More

Medicare for All Emerges as Early Policy Test for 2020 Democrats

WASHINGTON — Senator Elizabeth Warren spoke at length this week about her vision for improving the American health care system, like strengthening the Affordable Care Act and making prescription drugs more affordable. Twice, though, she ignored a question posed to her: Would she support eliminating private health insurance in favor […]

Read More

The Very High Costs of Climate Risk

Before the catastrophic Camp Fire destroyed Paradise, Calif., the Pacific Gas and Electric Company was worth more than $25 billion. Now it’s C.E.O. has stepped down and the company, which provides natural gas and electricity to 16 million people in California, has filed for bankruptcy as it confronts billions of […]

Read More

The Conversation: It’ll Be a While Before Anyone Underestimates Nancy Pelosi Again

Bret Stephens: Hi, Gail. I know you must be girding for the crushing defeat the Patriots will sustain this weekend. Gail Collins: My husband is from Boston and we have learned, from being a Patriots household in New York, what it means to be truly ostracized. There are probably more […]

Read More

Elizabeth Warren Does Teddy Roosevelt

America invented progressive taxation. And there was a time when leading American politicians were proud to proclaim their willingness to tax the wealthy, not just to raise revenue, but to limit excessive concentration of economic power. “It is important,” said Theodore Roosevelt in 1906, “to grapple with the problems connected […]

Read More

The $238 Million Penthouse, and the Hedge Fund Billionaire Who May Rarely Live There

[What you need to know to start the day: Get New York Today in your inbox.] In Manhattan, where multimillion-dollar real estate sales are downright routine, a hedge fund tycoon has managed to set a new standard for conspicuous consumption by paying a fortune for an unfinished piece of property […]

Read More

What’s Really at Stake in the Los Angeles Teachers’ Strike

For decades, public schools were part of California’s lure, key to the promise of opportunity. Forty years ago, with the lightning speed characteristic of the Golden State, all of that changed. In the fall of 1978, after years of bitter battles to desegregate Los Angeles classrooms, 1,000 buses carried more […]

Read More

The Lobbyists Blocking the Doorway

Speaker Nancy Pelosi and the idealistic class of 64 Democratic House freshmen are armed with a reform agenda. This includes H.R. 1, a 571-page bill that addresses voting rights, corruption, gerrymandering and campaign finance reform as well as the creation of a Select Committee on the Climate Crisis — a […]

Read More