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Capital Gains Tax

News
NYers To Receive Share of $106M Settlement Over Vanguard Retirement Fund Changes NYers To Receive Share of $106M Settlement Over Vanguard Retirement Fund Changes
NYers To Receive Share of $106M Settlement Over Vanguard Retirement Fund Changes Thousands of New Yorkers forced to pay higher taxes on their retirement savings are set to receive restitution after a $106 million, multi-state settlement was reached with Vanguard Group. The agreement, announced by New York Attorney General Letitia James on Friday, Jan. 17, comes after the investment advisory firm failed to inform investors of changes to its retirement funds.  Those changes led to unexpected and significant capital gains tax bills for hundreds of thousands of investors, including over 15,000 in New York, James’ office said. An investigation found that Vanguard reduc…

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by Michael Mashburn
Politics
Billions In New Taxes On Wealthy New Yorkers Proposed Billions In New Taxes On Wealthy New Yorkers Proposed
Billions In New Taxes On Wealthy New Yorkers Proposed New York’s lawmakers have proposed budgets that include nearly $7 billion in new and increased taxes on businesses and the rich. Over the weekend, both houses of the state legislature proposed the tax hike on New York’s wealthiest to help close the record $15 billion financial shortfall the state faces due to the COVID-19 pandemic. Though New York is due to receive an influx of cash from President Joe Biden’s COVID-19 relief bill, legislators believe that the gap still needs to be closed and that the tax on the rich could aid that effort. New York is expected to receive approximately $23.5…

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by Zak Failla