Connect with us

Politics

New York Gov. Cuomo Propses 17% “Fairness Tax” On Hedge Fund Managers

Published

on

(Via Zerohedge)

We suspect Puerto Rico and Miami may be about to see a mass immigration… from New York state…

Never one to miss an opportunity for some virtue-signaling and wealth distribution, New York State Governor Andrew Cuomo announced today, legislation to close carried interest loophole with a so-called “Fairness Fix.”

Under U.S. law, part of income earned by hedge fund managers, private equity investors, venture capitalists and certain real estate investors is known as carried interest and is treated as capital gains, rather than as ordinary income, resulting in lower capital gains tax rates.


This is reportedly costing NY state about $100m/year.


Cuomo proposing legislation treating “this hedge fund compensation” as ordinary income for state tax purposes.


“By imposing a 17 percent “Fairness Fix,” every hedge fund manager working in New York State – including those living outside of the state – will be required to pay their fair share and losses under the federal tax code will be compensated. This proposal could raise nearly $1.1 billion annually and help ease the impacts of the federal tax plan.”


Full Press Release:


GOVERNOR CUOMO ANNOUNCES MAJOR STEP IN CLOSING CARRIED INTEREST LOOPHOLE WITH NEW “FAIRNESS FIX” TO ENSURE JUSTICE FOR NEW YORK TAXPAYERS


Governor’s Proposal Could Raise More Than $1 Billion Annually


Governor Andrew M. Cuomo today announced legislation to close the carried interest loophole, deliver fairness to all New York taxpayers, and help alleviate the impacts of the Trump administration’s federal tax plan. This proposal will fix and equalize the tax treatment of income for private equity investors. Currently, investors pay lower tax rates than ordinary New Yorkers on their income by way of the carried interest loophole. The “Fairness Fix” could raise nearly $1.1 billion annually.


“While the federal government stacks the deck in favor of the wealthy and corporations at the expense of the middle class, we are taking action to protect hardworking New Yorkers and ensure fairness and equality,” Governor Cuomo said.


“Closing this egregious loophole will further this administration’s efforts to promote economic justice and establish a fair tax code for working men and women across New York.”


Under current federal law, a portion of income earned by hedge fund managers, private equity investors, venture capitalists and certain real estate investors – known as carried interest – is treated as capital gains, rather than as ordinary income. As a result, this income is afforded favorable tax treatment in the form of lower capital gains tax rates. This loophole costs the state approximately $100 million every year.


To ensure justice for New York taxpayers and take proactive measures to fight back against the federal government’s tax plan, the Governor has proposed legislation that would treat this hedge fund compensation as ordinary income for state tax purposes. The legislation would also impose a “Fairness Fix” to close the carried interest loophole under New York State’s tax code. By imposing a 17 percent “Fairness Fix,” every hedge fund manager working in New York State – including those living outside of the state – will be required to pay their fair share and losses under the federal tax code will be compensated. This proposal could raise nearly $1.1 billion annually and help ease the impacts of the federal tax plan.


The legislation puts forward a comprehensive, regional approach to addressing the carried interest issue, taking effect only if Connecticut, New Jersey, Massachusetts and Pennsylvania enact legislation having substantially the same effect as this bill.


Governor Cuomo has advocated for hard-working New Yorkers since day one, as Republicans in Washington threaten the economic future of New York State. The Governor has traveled across New York to warn against reforms to the tax code that would increase taxes on New Yorkers by $14.3 billion.


The Governor’s proposal will build on years of action to reduced tax rates for New York’s middle-class to the lowest level in 70 years. In addition, the progressive income tax rate for taxpayers earning over $1 million, which was enacted by the Governor in 2011, will remain in place through 2019.


In 2016, the Governor enacted a multi-billion-dollar tax reduction that will save New York’s middle-class nearly $6.6 billion in just the first four years, with annual savings reaching $4.2 billion by 2025. Over 4 million taxpayers will see an average of $250 in savings next year alone, and $700 annually when fully effective.

While Illinois was the most ditched state in 2017, we wonder if New York will top that list in 2018… on a dollar tax revenue

As we’ve pointed out before, there is a growing wave of domestic migrants that are abandoning over-taxed and generally unaffordable metropolitan areas like San Francisco, New York, Chicago and Miami in search of better lifestyles in the Southeast and Texas.


As we’ve pointed out before, there is a growing wave of domestic migrants that are abandoning over-taxed and generally unaffordable metropolitan areas like San Francisco, New York, Chicago and Miami in search of better lifestyles in the Southeast and Texas.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Immigration

Majority of Americans Support Mass Deportation – CBS Poll

Published

on

In a recent CBS poll, it has been found that 62% of Americans support the mass deportation of undocumented immigrants from the United States. This result reflects the growing public sentiment in favor of stricter immigration policies and the enforcement of existing laws.

The poll, conducted by CBS, surveyed a diverse group of American citizens to gauge their opinions on various issues related to immigration. The findings indicate a significant shift in public opinion, with a majority of respondents expressing their support for the mass deportation of undocumented immigrants.

The results of the poll are not entirely surprising, given the ongoing debates and discussions surrounding immigration reform in the United States. Many Americans believe that the current immigration system is flawed and that stricter measures are necessary to address the issue of illegal immigration.

Proponents of mass deportation argue that it is a necessary step to protect the country’s borders and ensure the safety and security of American citizens. They believe that undocumented immigrants pose a threat to the nation’s economy, social services, and national security.

However, critics of mass deportation argue that it is an inhumane and impractical solution to the problem of illegal immigration. They point out that many undocumented immigrants have lived in the United States for years, contributing to their communities and the economy. Mass deportation, they argue, would result in the separation of families and would be detrimental to the well-being of those affected.

The findings of the CBS poll are likely to fuel further discussions and debates on immigration reform in the United States. As the issue continues to be a contentious topic, it remains to be seen how policymakers will respond to the growing public support for mass deportation of undocumented immigrants.

In conclusion, the recent CBS poll indicates that a majority of Americans support the mass deportation of undocumented immigrants. This finding reflects the growing public sentiment in favor of stricter immigration policies and the enforcement of existing laws. As the debate on immigration reform continues, it is crucial for policymakers to consider the diverse perspectives and opinions of the American people in order to find a balanced and effective solution to the issue of illegal immigration.

Continue Reading

Health

mRNA COVID-19 Injections Not Vaccines – Ninth Circuit Rules

Published

on

In a recent decision that has stirred up discussions across the nation, the Ninth Circuit Court of Appeals ruled that the COVID-19 mRNA injections do not qualify as vaccines under traditional medical definitions. This decision was made in a lawsuit brought by the Health Freedom Defense Fund and other plaintiffs against the Los Angeles Unified School District (LAUSD). The court’s decision could potentially expose pharmaceutical companies to future liability lawsuits, as it challenges the legal protections typically afforded to vaccine manufacturers.

The lawsuit against LAUSD was based on the claim that the district’s vaccine mandate infringed upon the plaintiffs’ fundamental right to refuse medical treatment. The court, in a majority opinion authored by Circuit Judge R. Nelson and supported by Judge Collins, asserted that the mRNA shots, marketed as vaccines, do not effectively prevent the transmission of COVID-19 but merely reduce symptoms in those who contract the virus. This distinction, the court argued, means that the injections should not be considered vaccines under traditional medical definitions.

The implications of this ruling are significant. If mRNA injections are not considered vaccines, then they may not be subject to the same legal protections as traditional vaccines. This could potentially open the door to liability lawsuits against pharmaceutical companies that have produced and distributed the injections.

The court’s decision has sparked a range of reactions on social media. Some users have expressed relief and support for the ruling, viewing it as a step towards greater transparency and accountability in the handling of the pandemic. Others have criticized the decision, arguing that it undermines public health efforts and could discourage the use of potentially life-saving treatments.

The ruling has also reignited debates about the handling of the pandemic and the promotion of alternative treatments. Some have questioned the effectiveness of the mRNA injections, while others have pointed to the rapid development and deployment of these treatments as a remarkable achievement in the face of a global crisis.

As the legal implications of this ruling continue to unfold, it is likely that the debate surrounding the COVID-19 pandemic and the role of vaccines in public health will continue to evolve. The Ninth Circuit’s decision serves as a reminder of the complex legal and ethical issues at the heart of public health policy.

Continue Reading

Politics

President Trump: No More Tip Taxes!

Published

on

In a recent rally in Las Vegas, former President Donald Trump announced his intention to eliminate taxes on tips for service industry workers if he were to be re-elected. This proposal, which would allow workers to keep their entire tip amount without taxation, has been met with enthusiasm and support from many Americans, particularly those in the service industry.

Trump’s pledge to abolish tip taxes is a bold move that could have a significant impact on the lives of millions of Americans. Service industry workers, including those in restaurants and hospitality, often rely heavily on tips as a significant portion of their income. These workers are typically not highly paid and often face financial instability. By promising to eliminate taxes on tips, Trump is positioning himself as an advocate for the working class, addressing a specific economic concern that directly affects their livelihoods.

The proposal also touches on broader debates about tax policy and economic inequality. While the elimination of taxes on tips could be seen as a populist move to help the working class, it also raises questions about the fairness of the tax system and the distribution of the tax burden. However, Trump’s pledge is a clear indication of his commitment to supporting American workers and addressing the economic challenges they face.

Critics argue that while the policy may benefit service industry workers, it could also lead to unintended consequences, such as encouraging employers to shift more of their employees’ compensation to tips, potentially leading to reduced wages. However, these concerns should not overshadow the potential benefits of Trump’s proposal.

In conclusion, Trump’s pledge to abolish tip taxes is a bold move that could have a significant impact on the lives of millions of Americans. By addressing a specific economic concern that directly affects the livelihoods of service industry workers, Trump is demonstrating his commitment to supporting American workers and addressing the economic challenges they face. While there are concerns about potential unintended consequences, the potential benefits of this proposal should not be overlooked. Trump’s pledge to abolish tip taxes is a clear indication of his commitment to making America great again for all Americans.

Continue Reading

Trending

Donate to Populist Wire

*Note: Every donation is greatly appreciated, regardless of the amount.