NY lawmakers near deal to hike income tax for top earners

first_img Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink The proposed hike would hit the wealthiest New York City residents, who currently pay 3.88 percent to the city and 8.82 percent to the state. The state’s increase would raise their combined rate to between 13.5 percent and 14.8 percent.The real estate industry has opposed such increases, claiming that they will drive wealthy residents from the state. Supporters of the increase say that did not happen when the first millionaires’ tax was passed in 2009.Another proposal hated by real estate — the pied-a-terre tax — was not mentioned in reports about the negotiations. An income-tax hike would likely reduce the chances of a tax on second homes being approved.The new taxes would expire at the end of 2027. But the initial millionaires’ tax was also temporary, only to be consistently renewed by the legislature and governor.In an effort to bridge an anticipated $15 billion budget gap, Cuomo in January proposed a $1.5 billion income-tax increase. At that time, Cuomo expected the state would receive $6 billion in federal aid for the next two years. The federal aid turned out to be $12.6 billion, along with billions more for education and health care.Cuomo has said that additional funding would remove the need for tax increases. But in the Democratic state legislature, the governor’s influence has been diminished, especially in the wake of investigations into allegations of harassment that have been levied against Cuomo. This would be the first time in his governorship that he has raised a tax rate. [WSJ] — Akiko MatsudaContact Akiko Matsuda Email Address* Full Name* Tags Share via Shortlink Message* Gov. Andrew Cuomo, Senate Majority Leader Andrea Stewart-Cousins and Assembly Speaker Carl Heastie (Getty; iStock/Illustration by Kevin Rebong for The Real Deal)UPDATED April 5, 2020, 10:09 p.m.: New York state’s budget, which was due on April 1, is still being hashed out, but one thing it now appears likely to include is higher taxes for the state’s highest earners.Gov. Andrew Cuomo and state lawmakers are closing in on an agreement to increase corporate and personal income taxes, the Wall Street Journal reported. The proposed hikes include raising the income tax rate to 9.65 percent for individuals making more than $1 million, and joint filers making twice that; upping the corporate franchise tax to 7.25 percent; and creating new tax brackets for the state’s top earners, with income over $5 million taxed at 10.3 percent and income over $25 million taxed at 10.9 percent.Those changes could raise $4.3 billion per year toward school aid and rent arrears, including for small businesses, tenants and undocumented immigrants, people familiar with the deal told the outlet.ADVERTISEMENTRead moreLandlords’ building emissions workaround is deadReal estate makes last-minute push to kill proposed preferred equity taxJudge says landlords have no constitutional right to “unregulated market” Andrew CuomoPoliticsReal Estate Taxeslast_img read more

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Hurricane season

first_imgBy April SorrowUniversity of GeorgiaThe probability of Georgia being directly hit by a hurricane in any given year is low. Regardless, Georgians should prepare just in case. Because when one does hit, it will be devastating, says the state’s climatologist. The Atlantic hurricane season starts June1 and runs to November 30. But tropical systems and the bad weather that comes with them can hit outside of the official season, said David Stooksbury, climatologist and associate professor with the UGA College of Agricultural and Environmental Sciences. Get a weather radioThe No. 1 way to stay informed of threatening weather is to have a National Oceanic and Atmospheric Administration (NOAA) radio. A NOAA weather radio sounds an alarm and broadcasts up-to-date details about tornadoes, thunderstorms, flash floods or tropical weather. Make sure you buy one with the Specific Area Message Encoding, or SAME, technology. It can be programmed for particular counties. “You can buy NOAA weather radios at most electronic stores and even some grocery stores,” Stooksbury said. Prepare a survival kitAll Georgians should prepare for stormy weather by assembling an all-hazards kit. As seen with hurricane Katrina, it may take days for help to arrive after a natural or man-made disaster. So, prepare a kit with supplies that will allow you and your family to survive for three to seven days without electricity and clean running water. The most critical supply is at least one gallon of drinking water per person per day for at least three days. More water is needed for cooking and hygiene.Besides water, an all-hazards kit should include nonperishable foods, a hand can opener, first-aid kit, important papers, battery-powered radio, NOAA weather radio, flashlight and extra batteries. A detailed list of recommended contents for an all-hazards kit is available at http://www.ready.gov/america/getakit/index.html. Purchase flood insuranceIt is not only important to have an all-hazards kit, many Georgian’s should look into buying flood insurance, too. “The entire state is vulnerable to impacts from tropical systems,” he said. “While storm surge along the coast and wind damage receive the most attention, inland flooding is a concern statewide, from the coastal plain to the mountains.” Most homeowner insurance policies don’t include flood damage, so it is necessary to purchase an additional policy just to cover these damages. But most policies are fairly inexpensive. Just be sure to purchase a policy at least 30 days before you need it, so it has time to take effect. “Almost any place in south Georgia has a possibility of flooding,” he said. “As we’ve seen this year, heavy rains can flood the lowland piedmont region and cause significant damage.” Don’t forget tornadoesWhile hurricane season is starting, tornado season hasn’t really ended. “Tornadoes are always a risk in Georgia,” Stooksbury said. “While they are more common in the spring and fall, they can occur at any time.” In the event of a tornado, seek shelter in a sturdy building. The lowest level away from windows is the safest place, he said. If one isn’t around, lie down in a ditch or low spot where cars or trees won’t blow on top of you. Don’t stay in a car. “Regardless of where you seek shelter, protect your body, especially your head and neck, from flying debris,” he said. “Use pillows, blankets, coats or whatever you can find to protect yourself.”last_img read more

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Easier to detonate than renovate? Renovations are proving more costly than rebuilding

first_img24 Remo St, Broadbeach Waters.“Fiona and I had an idea of what I wanted to achieve and the best way to get the look I wanted was to start from scratch and … build a home that was both functional and fun to live in” he said.“A lot of thought went into creating meaningful spaces in the home, which reflect the way people live.”The pair recently put their home at 24 Remo St, Isle of Capri, on the market for $1.575 million. Gold Coast couple Andrew and Fiona Bassingthwaite bought a property at Surfers Paradise and demolished an older dwelling to make way for a new house.MORE Gold Coasters are knocking down older houses and rebuilding instead of renovating — and it is saving them up to $200,000.Valcon Homes sales manager Gavin Roden said the average cost of renovating had skyrocketed to $2000 per square metre, meaning upgrading a 300sq m home sets you back $600,000. 24 Remo St, Broadbeach Waters.In contrast, Mr Roden said it costed about $20,000 to demolish a house and about $400,000 to build a new 300sq m home.“Shrinking land supply near the beach on the Gold Coast and close to the inner city in Brisbanemeans more people are thinking outside the box and opting to secure an older property on a bigblock in a prime location,” he said.More from news02:37Purchasers snap up every residence in the $40 million Siarn Palm Beach North7 hours ago02:37International architect Desmond Brooks selling luxury beach villa1 day ago24 Remo St, Broadbeach Waters.“Most people are really surprised to learn that demolishing a home only costs around $20,000, and is therefore often a much cheaper option than renovating.“Over the past five to seven years costs have gone up and large-scale renovations are simply notgood value for money. In fact (they) can be detrimental if the buyer spends more on the renovation than what they could recoup if they placed the home on the market.” 24 Remo St, Broadbeach Waters.Mr Newlands said rebuilding rather than renovating meant you did not have to compromise on the design and were less likely to run into unexpected renovation expenses.Gold Coast couple Andrew and Fiona Bassingthwaite bought an older property at Surfers Paradise last year and demolished it to make way for a new house. 24 Remo St, Isle of Capri before it was demolished.REIQ Gold Coast zone chair John Newlands said a shortage of land on the Coast was contributing to the trend.“People don’t want to go out to some of the outer areas,” he said. “They want to stay close to town and build close to facilities.”last_img read more

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