Category: Tax the Rich
NY Pied-À-Terre Tax Proposed via Senate Bill S44A
A conversation revived. The economic shutdown triggered by the COVID-19 pandemic has resulted in an astonishing $14 billion budget deficit in New York, with projections of up to $30 billion by 2022, according to New York Governor Andrew Cuomo. In efforts to minimize the cash flow crunch and increase capital…
How New York could raise taxes on the rich | Article from CSNY
New York is facing a $14.5 billion budget gap this fiscal year, federal relief dollars don’t appear to be forthcoming, and schools and local governments are facing deep budget cuts. The coronavirus pandemic – and the financial nightmare it created – prompted some progressive lawmakers and activists to double down on…
The Millionaire’s Tax to Fund NYCHA
NY State Senate Bill S4511A is sometimes called the millionaire's tax to fund NYCHA. This bill amends tax law to increase tax rate on New York State residents with taxable incomes of one million dollars and use the revenue created by that tax to fund capital improvements to the New…
Abolish This Luxury Property Tax Break and Save NYCHA | OpEd for City Limits
So we’re taking the necessary action, and we’re cosponsoring legislation that will reform the Cooperative/Condominium Property Tax Abatement by ending tax breaks for luxury owners who don’t need them. The top three largest abatements in the city each amount to more than $44,000 every year. Those represent just 17 percent…
Lawmakers: Axe Tax Break for High-End Condos and Coops to Help Fund NYCHA | Article for City Limits
The state budget found new money for a lot of important causes—education aid, transit improvements, clean water—but not for public housing, despite the persistent crisis at New York’s housing authority. While the city would be on the hook to spend billions on NYCHA under a proposed federal settlement, the authority…
