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“#New York’s recovery trails nation and other commentary” Economy desk: NY’s Recovery Trails Nation Private-economy employment in New York “remained far below pre-pandemic levels last month, badly trailing the jobs recovery in the rest of the country,” warns the Empire Center’s E.J. McMahon. Private jobs here were down 12.2 percent (i.e., by about 1 million)…
“#The shocking ways billionaires, profitable companies hide money” At 60-stories high and 684-feet tall, Boston’s Millennium Tower, a residential luxury high-rise that opened in 2016, is the fourth-tallest building in the city. It is also a virtual ghost town. That’s because the Millennium is less of a playground for the rich and more of a…
“# Crypto-focused software firm Lukka raises $53M in funding round ” Just a few weeks before the filing deadline for U.S. taxpayers, cryptocurrency accounting and data company Lukka said it had raised an additional $53 million in a new funding round. In an announcement today, Lukka said it had completed a $53 million Series D…
“#NYC economy still ‘fragile’ as state Dems push $7B in new taxes” More than 650,000 city jobs have vanished, key businesses are on the brink of collapse, it will be years before the economy recovers — and Democratic legislators think it’s a great time for $7 billion in new taxes. As Albany lawmakers negotiate the state…
“#Business leaders warn $7B in proposed tax hikes could wreck NY” Socking New York’s businesses and wealthy residents with $7 billion in new taxes will likely trigger the worst exodus since the Big Apple flirted with bankruptcy in the 1970s, a huge group of major employers and small business owners warned Tuesday. In a letter…
“#Zoom paid no federal income tax amid pandemic profits” Videoconferencing giant Zoom exploited a loophole to avoid paying a penny in federal income taxes in 2020 — even though the COVID-19 pandemic drove its profits to staggering heights last year, records show. Zoom raked in nearly $664 million in US pre-tax profits in its last…
“#Those tax hits from Washington and Albany are even worse than you think” Anyone not thoroughly shocked by The Post’s examples Sunday of planned tax hikes from Albany and Washington should consider this: Our illustrations didn’t even include Social Security and Medicare taxes, which would increase the total tax bite on the rich to ridiculous levels. The wealthy…
“#Way more rich people dodge taxes than are caught: study” The richest Americans use crafty methods to dodge taxes on far more income than the feds previously thought, a new study shows. The Internal Revenue Service tries to catch high-income tax evaders with random audits — but they often fail to spot complex schemes that the…
“#Can Gov. Cuomo stop the Legislature’s tax-and-spend madness?” With the Assembly and state Senate champing at the bit to hike taxes and spend like crazy, the question becomes: Can a badly weakened Gov. Andrew Cuomo stop them? As detailed in Sunday’s Post, lawmakers’ plans risk prompting an exodus of the high earners who actually pay most taxes already — and the…
“#Democrats’ bid to turn screws on New York’s richest” Just a year after the Empire State was clobbered by the coronavirus, New York’s Legislature confronts an embarrassment of revenue riches. State taxes have rebounded more strongly than expected from the pandemic meltdown — capped by a massive injection of $12.6 billion in no-strings-attached federal stimulus…