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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ND Day breaks records and increases student participation

first_imgNotre Dame Day hit a record high in the number of gifts given and the number of campus organizations that received donations, raising over $2.3 million from 6:42 p.m. Sunday evening to 12:11 a.m. on Monday.Director of Notre Dame Day Matt Gelchion said the number of donations given increased by over 3,200 from last year and that 809 groups received funding, compared to last year’s 663.“I think part of it was that now that this is the sixth year. There’s more familiarity among fundraising groups about how they can leverage this day,” Gelchion said.A 29-hour live broadcast of interviews, events and performances ran during the entirety of the fundraising period. Jim Small, associate vice president in the development office, said people from 119 countries tuned into the broadcast.“We had 38 broadcasting professionals help us put on the show — six were students and 32 were pros in the business,” Small said. “They bring the excitement, and we had some great interviews. 29 hours of storytelling — no one else in the world does anything like this. It’s a storytelling platform unlike anything else in the world.”A new goal for ND Day this year was to create excitement within the student population, Gelchion said.“For me there’s two measures of success,” Gelchion said. “One measure was, ‘Do we help more groups raise more funds and help them reach their goals?’ But the other goal was, ‘Does this become a day that students look forward to?’”To help achieve this goal, an ND Day student leadership team was formed. Co-chair and senior Jade Martinez said the team — composed of about 30 students — was meant to reflect the wide variety of student interests on campus.Martinez said she was given the job with just one instruction: make students excited about ND Day. To do this, the team looked at different events that would be fun opportunities for students to win money for their clubs and groups, Martinez said.In March, the team launched Fighting Irish Flicks, a new competition that asked groups on campus to make a minute-long video showcasing their group. The women’s water polo team received $500 for their first-place video.Two other new events geared toward students were the Golden Giveaway and Things in Things. The Golden Giveaway was a coffee giveaway on Monday morning, in which eight students won $50 by receiving a specially marked coffee.In Things in Things, students guessed how many items were in five containers, one of which was a stadium bag containing Hershey Kisses, Gelchion said. The student that guessed the closest number in each container received $100 for themselves and $100 for the organization of their choice.The student leadership team also came up with the idea of The Quest — a scavenger hunt in which clues leading to a hidden token were released every day from Wednesday to Sunday. The token — hidden in a book titled “In Quest of Light” in the Hesburgh Library — was found by a team of students from Notre Dame Students Empowering through Engineering Development (ND SEED).“We knew it wouldn’t be a piece of cake, but we were so thrilled at how invested some groups became in it that we will make sure that the challenge next year is absolutely worthy of its challengers,” Gelchion said.The student leadership team also created an Instagram page, “notredameday,” to increase publicity for ND Day and worked to clarify misconceptions about the event within the student population.“I think there’s a lot of misunderstanding about how the $1.2 million pot works, and where exactly all of the money goes,” Martinez said. “The $1.2 million is raised — it’s not taken out of tuition or something else. It’s specifically families donating this money in order to help clubs and dorms be able to do the things that make Notre Dame great.”Martinez said she believed students were also uncertain about where exactly the donated money goes.“I don’t think people realize that it’s directly to the club or dorm — it doesn’t go anywhere else,” Martinez said. “The votes just help you get more money, but that initial $10 or $20 or however much you donated — that’s going directly to the group you wanted.”Gelchion said he hopes student excitement and participation in events will continue to increase next year. He said love for Notre Dame from both people indirectly connected with the university and from current students is what makes ND Day successful.“You have members of the community currently who feel this place is really special — whether it’s that they feel their dorm is so special or their club — and people respond to seeing how much they care about it,” Gelchion said. “Because it’s important to them, it becomes important to others.”Tags: clubs, Donations, fundraising, ND Daylast_img read more

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Torontos Ryerson University says bedbugs found in one of its classrooms

first_imgTORONTO – Bedbugs have been found in a classroom at Toronto’s Ryerson University, the school said Wednesday, noting that it was working to exterminate the insects.A spokeswoman for the downtown university said staff used a canine unit to search two classrooms in its Victoria Building on Tuesday, and found bedbugs in one of the rooms.“Bedbugs were found in a single desk in VIC 205,” Johanna VanderMaas said in a statement. “VIC 205 was treated with steam immediately.”VanderMaas said a canine unit will be brought back into the room on Thursday to ensure it is clear of the bedbugs.“Only once the room is deemed to be clear will students and faculty will be allowed back in,” she said.The school’s efforts came after a student newspaper, The Eyeopener, published a report of insects found inside tables in a classroom. The paper said it took photos of the bugs and sent them to five exterminators, who all said they were bedbugs.Jacob Dube, a student who worked on the piece, said Tuesday that Ryerson students reported seeing insects they believed to be bedbugs in a classroom in the school’s Victoria Building as far back as December.Several students who spotted the insects, including Eyeopener reporter Stefanie Phillips, later said they found what appeared to be bug bites on their skin.Dube said the university had been receptive to the student newspaper’s reporting, with officials asking the students to show them exactly where the bugs were spotted in order to independently verify their information.On Tuesday, Ryerson said it was looking into the matter and noted that students had been helpful in bringing their concerns forward.The university’s campus is located in the downtown core, close to the city’s bustling Yonge and Dundas square.last_img read more

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