{"id":169331,"date":"2021-02-03T03:37:08","date_gmt":"2021-02-03T00:37:08","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/new-york-lawmakers-introduce-capital-gains-measure\/"},"modified":"2021-02-03T03:37:08","modified_gmt":"2021-02-03T00:37:08","slug":"new-york-lawmakers-introduce-capital-gains-measure","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/new-york-lawmakers-introduce-capital-gains-measure\/","title":{"rendered":"#New York lawmakers introduce capital gains measure"},"content":{"rendered":"

“#New York lawmakers introduce capital gains measure<\/strong>”
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ALBANY \u2014 Democratic state lawmakers keen on raising taxes on higher-income earners to help close the state\u2019s massive, multi-billion dollar deficit have introduced a new bill that would place an extra tax on investments.\u00a0<\/p>\n

The new legislation \u2014 sponsored by Democrats state Sen. Gustavo Rivera (D-The Bronx) and Assemblyman Ron Kim (D-Queens) \u2014 would place a new state tax on capital gains in addition to existing federal taxes on investments set between seven and 17 percent depending on income tier.\u00a0<\/p>\n

The politicians argue the existing federal tax unfairly caters to the rich and they estimate the measure \u2014 if app<\/a>roved \u2014 could raise up to $7 billion dollars in state revenue annually.\u00a0<\/p>\n

\u201cMost of the super-wealthy, including those big hedge fund managers trying to make millions by shorting Game<\/a>Stop, make their income through their investments or capital gains, which are federally taxed at a lower rate than regular income from labor,\u201d Kim told The Post.\u00a0<\/p>\n

\u201cBy offsetting the preferential rates, we can collect more than $7 billion in new revenues.\u201d<\/p>\n

The Empire State, already one of the highest taxed in the nation, is seeking an estimated $15 billion over the next two years in federal aid from the Biden administration, which Gov. Andrew Cuomo made a cornerstone of his Fiscal Year 2021-2022 State Budget Address delivered last month.<\/p>\n

Cuomo has been loath to raise taxes to stave off the revenue bleed from the pandemic, but included in his budget proposal a measure that would raise income taxes on the top rate of 8.82 percent to 10.8 percent.\u00a0<\/p>\n

That would climb to 14.7 percent for New York City residents who pay a combined state and local income tax rate \u2014 which would make the Big Apple home to the highest tax in the nation, surpassing California currently at number one with a 13.3 percent tax rate.<\/p>\n

But Cuomo has worried about the wealthy residents leaving New York for a friendlier tax environment \u2014 like Florida \u2014 acknowledging he needs the rich to help boost state coffers.<\/p>\n

Neither legislative leader, state Sen. Majority Leader Andrea Stewart-Cousins (D-Yonkers) or Assembly Speaker Carl Heastie (D-The Bronx) have rallied support around a specific tax proposal, but both have said they support progressive tax hikes.<\/p>\n

The state budget has an April 1 deadline.\n <\/p><\/div>\n

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Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

“#New York lawmakers introduce capital gains measure” ALBANY \u2014 Democratic state lawmakers keen on raising taxes on higher-income earners to help close the state\u2019s massive, multi-billion dollar deficit have introduced a new bill that would place an extra tax on investments.\u00a0 The new legislation \u2014 sponsored by Democrats state Sen. Gustavo Rivera (D-The Bronx) and…<\/p>\n","protected":false},"author":1,"featured_media":169332,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/02\/capital-gains-tax.jpg?quality=90&strip=all&w=1200","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[91725,71386,70430,70344,46483],"class_list":["post-169331","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-2-2-21","tag-albany","tag-andrew-cuomo","tag-coronavirus-in-ny","tag-taxes"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/169331","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=169331"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/169331\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/169332"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=169331"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=169331"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=169331"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}