General News
Greek-American James A. Koshivos, 21, Killed after Car Plunged into Ocean
FALMOUTH, MA – The police in Falmouth have identified the victim in an accident involving a car plunging into the ocean on February 20, NBC10 Boston reported.
ALBANY, N.Y. — Several New York lawmakers are proposing a tax hike for individuals making at least $300,000 per year in hopes of bringing in an estimated $15 billion in annual revenue.
It's the latest proposal to raise taxes on high earners and is the only legislation so far this year to propose raising taxes on people making below $1 million. The bill's left-wing backers include Deputy Majority Leader Michael Gianaris, New York City Public Advocate Jumaane Williams and the Working Families party.
Supporters say the tax hike would help relieve the huge drain on state revenue cause by the pandemic and avoid Gov. Andrew Cuomo's proposal to cut state-spending 5% across-the-board and delay the start of new middle class tax cuts for one year.
But the legislation would move New York from having the nation's second highest rate on high earners — after California — to number one, according to Gov. Andrew Cuomo's budget office.
"As we've said, raising taxes would be best done at the federal level so as not to pit one state against another, and right now, we all need to keep our focus on Washington to ensure the critical resources it is poised to deliver to the state are fair," spokesperson Freeman Klopott said.
It's unclear whether New York will end up raising taxes on the wealthy this year, as the state awaits Congressional action on a potential COVID-19 package that could include unrestricted aid for states.
The governor has warned in past months that the state needs $15 billion in extra federal aid to steady the state's budget.
Several fiscal watchdogs say New York has already benefited from billions in federal COVID-19 relief and that the state's economic recovery is going better than expected: New York is likely to bring in nearly $4 billion more in tax revenues in its current fiscal year than Cuomo's office initially projected.
Progressives in the Legislature — empowered by a newfound Democratic supermajority — are pushing for New York to raise taxes on the wealthy to prevent the need for spending cuts.
Conservatives, meanwhile, say the state's fiscal problems are driven by overspending and a lack of accountability on economic development projects that don't provide promised jobs.
Currently, the state's tax rates range from 4% to the highest rate of 8.82% for individuals who earn over roughly $1 million.
Critics say it's unfair that New York's tax system has similar tax rates for the working class up to the upper middle class and wealthy: Single individuals making between $13,900 and $80,650 pay 5.9% to 6.09%. Individuals making between $80,650 to $215,400 pay 6.4% and those earning between $215,400 roughly to $1 million pay 6.85%.
"Someone making $50,000 and someone making $1 million should not pay nearly the same tax rate, as they do now," State Sen. Robert Jackson said.
The legislation would start by raising taxes for single New Yorkers making over $300,000 and married couples over $450,000. For those individuals, the tax rates would range from 7.01% to as much as 13.81% for income over $100 million.
Those changes could mean an extra $400 in taxes a year for someone making above $400,000, or an additional $123,050 for those earning above $5 million.
Meanwhile, Cuomo has warned of tax hikes if New York only receives $6 billion in federal aid and not $15 billion.
He has proposed raising the state's top tax bracket up to 10.82%for those making over $100 million. Those who make up to $10 million would face a 9.32% state income tax.
Critics of tax hikes on the wealthy point to anecdotes and years of concern about making the state unfriendly to high earners, some of whom may already be living in second homes outside the state amid the pandemic.
"There is evidence that people do leave because of taxes," said Andrew Rein, president of the fiscally conservative think tank, the Citizens Budget Commission, though he cautioned that research on the topic is somewhat thin.
"There aren't that many robust studies and they don't correlate to where we are. I do think the risk is real."
FALMOUTH, MA – The police in Falmouth have identified the victim in an accident involving a car plunging into the ocean on February 20, NBC10 Boston reported.
CASPAR BEACH, Calif. (AP) — A welding hammer strapped to her wrist, Joy Hollenback slipped on blue fins and swam into the churning, chilly Pacific surf one fall morning to do her part to save Northern California's vanishing kelp forests.
NEW YORK - Embattled New York City Mayor Eric Adams - a former police officer in his first term - has found himself between a rock and Turkish Taffy with an investigation into his campaign fundraising and ties to Turkish influences.
ATHENS - Greece is grappling with a dilemma over its biggest revenue engine, tourism: keep people coming year-round to bring in the euros but how to deal with so many overwhelming the infrastructure on popular islands.
NICOSIA - Police on Cyprus said they arrested two people for “national security” reasons after media reports that two Iranians were suspected of planning attacks on Israelis who fled to the island during Israel’s war with Hamas in the Gaza Strip.
ATHENS - A sudden revival in world interest in the stolen Parthenon Marbles housed in the British Museum for more than 200 years has now seen the Hellenic Caucus in the US Congress join in the battle.