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Thursday, dec 26
Tag:
Tax Reform
Politics
22-Year-Old From Hudson Valley Running For State Senate
An upstart 22-year-old from the area announced his intention to run for the New York State Senate. Rockland resident Matthew Weinberg, a Republican, is the latest candidacy to throw his hat into the ring for the New York State Senate District 38 seat that has been held by Democratic Sen. David Carlucci since 2010. Carlucci will be challenging for the retiring Nita Lowey’s seat in New York’s 17th congressional district. In a statement, Weinberg, of Suffern, cited "disunity within his district, depressed property values due to some of the highest property and school taxes in the nation,…
Politics
More People Are Leaving NYC Than Any Other US City, New Report Says
The mass exodus of New Yorkers leaving New York City has hit a record pace. According to new reports, as many as 277 people are leaving New York City each day, leading all U.S. metro areas, and more than double the number recorded last year. Los Angeles and Chicago were second and third on the list, with 201 and 161 residents reportedly leaving each day. The data came from the 2018 Ceneus data on migration in the largest 100 cities in the country. Between July 2017 and July 2018, New York lost 180,306 people and gained 131,746 new residents. A difference of 48,560 abandoned New York — the …
Politics
Florida Senator Trolls Cuomo: NY's High Taxes, Policies Reason For Exodus To Sunshine State
U.S. Sen. Rick Scott of Florida is taking aim at New York Gov. Andrew Cuomo about Florida's lower taxes and sunny weather, and how Scott says the Empire State is contributing to his state's surge. Now that Florida has surpassed New York as the third most populated state (behind California and Texas), the newly elected Republican senator, Florida's former governor, just flexed some muscles in an appearance on Fox News and in an op-ed in The Wall Street Journal. On Fox News, Scott said he wrote a thank you note to Cuomo saying: "Thank you, Governor Cuomo. Please keep raising taxes." In his o…
Politics
Here's Why Rich Are Fleeing New York, According To Cuomo
As the exodus of New York’s wealthiest homeowners reportedly continues, Gov. Andrew Cuomo is pointing his finger at the federal tax code for the cause of high-income earners fleeing the state. Cuomo met with President Donald Trump last week in an effort to discuss - among other things - the federal tax code, which he has also attributed to the state’s $2.3 billion reported revenue drop. The governor has said the $10,000 cap on the federal deduction for state and local taxes (SALT) is the biggest cause of the wealthy, often elderly leaving New York. "The federal administration's SALT policy …
News
Tax Refunds Expected To Shrink For Millions Of Americans
As millions of Americans file and complete their 2018 taxes, some have been shocked by a minimal return, including several who are now paying out to the Internal Revenue Service after years of receiving refunds. According to the IRS, the total number of returns received in the week ending on Feb. 1 - more than 16 million - was down 12.4 percent from the week that ended on Feb. 2 last year. Only 13.31 million returns have been processed, down 25.8 percent from the year before. The average refund of $1,865 was 8.4 percent smaller than the average refund in the same period last year, when it w…
Politics
Trump, Cuomo Tax Talk At White House Turns To Abortion, Fracking
New York Gov. Andrew Cuomo put aside his differences with President Donald Trump on Tuesday to discuss tax reform, abortion and fracking at the White House. The meeting had been scheduled to discuss the $10,000 cap on the federal deduction for state and local taxes (SALT). The governor has previously blamed Trump’s tax legislation for the state’s $2.3 billion revenue drop. "The federal administration's SALT policy is an economic civil war that helps red states at the expense of blue states, and we are now seeing the potentially devastating effect of it in the form of significantly lowe…
Politics
Vote Now: Who Won Cuomo-Nixon NY Democratic Primary Debate?
Gov. Andrew Cuomo and Democratic challenger Cynthia Nixon engaged in a heated debate focusing on corruption, personal finances and who would be better to battle President Donald Trump. Cuomo, a second-term incumbent, promised not to run for president in 2020 during the hour-long debate at Hofstra University on Wednesday, Aug. 29. Both candidates accused each other of interrupting and lying. Cuomo was grilled about pushing to name the Tappan Zee Bridge after his father, a decision that remains controversial in the Hudson Valley. “The Tappan Zee Bridge is no more,” he said, noting that a &qu…
Business
Westchester-Based PepsiCo Cuts Jobs After Flat Sales
Westchester-based PepsiCo reported flat sales in the closing months of 2017 and announced on Tuesday that it will cut jobs while offering bonuses of up to $1,000. The layoffs will affect corporate employees, amounting to less than 1 percent of its more than 110,000 employees, the company said. Bonuses go to those who make PepsiCo's snacks and drinks, and those who deliver them. PepsiCo, whose headquarters is in Purchase, cited a major overhaul of the nation's tax code for the bonuses. PepsiCo did not say how many workers would receive them, or what the criteria is for the size of the bonus…
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