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“Ouch”: Real estate sounds off on state’s $4.3B tax hike

first_img Email Address* Contact Akiko Matsuda Full Name* Message* Email Address* Sam Chandan, who heads New York University’s Schack Institute of Real Estate, said that notwithstanding the challenging fiscal outlook for New York City and the state, raising taxes on the most mobile residents and businesses is counterproductive.“The increase reflects a deterioration in public tax efficiency and, at least on the margin, will render us less competitive in attracting and retaining the businesses and skilled residents that are essential to long-term growth in the tax base,” he said.A 2015 study by advisory firm KPMG and the Tax Foundation, a think tank that tends to oppose tax increases, ranked New York dead last in corporate income tax levels paid by corporate headquarters, research and development facilities, and retail stores, which respectively paid 85 percent, 107 percent and 71 percent more than the national median. (At the time, the state had a corporate tax rate of 7.1 percent, which was subsequently reduced to 6.5 percent.)Yet New York City still commanded among the highest rents in the nation, indicating that companies consider its taxes in context with its strengths, such as talent base, culture scene, tourism and transit network. And the number of billionaires calling the city home has risen to a world-leading 113, by one count, since a 2009 statewide tax hike on high earners.The Tax Foundation’s Jared Walczak said that the city had survived high taxes and other expenses because people wanted to be there. The pandemic has changed that equation.“They’re willing to pay higher cost of living and higher taxes for the privilege of living and working in New York. But that’s not unlimited,” he said. “The tax hikes come at the time of increased mobility. … More businesses will be able to locate in whichever environment makes the most sense for them without worrying about whether all their employees want to follow them — because they can work remotely.”The state’s budget was due April 1, but lawmakers are expected to finalize it this week.Budget negotiations have been contentious, with the Senate and Assembly calling for more than $7 billion in tax increases. In January Gov. Andrew Cuomo proposed $1.5 billion in tax hikes in the event that the federal government only sent the state $6 billion in pandemic aid. Yet after Washington sent $12.6 billion, Cuomo, who in 10 years as governor has extended the millionaires’ tax several times but never raised income taxes, agreed to do so for high earners, according to several publications.Lawmakers and the governor reportedly settled on a 9.65 percent tax rate for individuals making more than $1 million and joint filers making twice as much (a rate increase of 9.4 percent). The proposal also raises the corporate franchise tax to 7.25 percent (an increase of 11.5 percent) and creates new tax brackets for those with income greater than $5 million and $25 million, who would pay 10.3 percent and 10.9 percent, respectively, up from 8.82 percent.The Assembly had also sought a pied-à-terre tax, though it isn’t clear if that will make it into the final version. According to Douglas Elliman broker Sabrina Saltiel, an annual tax on second homes would have had a more direct impact on residential sales than the income tax increases would.“At the margin it may have a small effect,” she said, “but overall there’s always going to be people who want to live here.”During a press conference Monday, the governor called the budget the “most complicated, most ambitious and hardest” the state has ever crafted, although anti-tax crusader E.J. McMahon calculated that the tax hikes would actually create a surplus. Cuomo did not address the proposed tax increases, but called pandemic recovery an international competition to see who could rebuild the quickest.Like most business leaders, Pam Liebman, CEO of the Corcoran Group, sees the tax hikes as the wrong way to go. She called it important for the city to “feel very welcoming to people of all income levels.”“It’s just not a good look,” she said.Contact Kathryn Brenzel Full Name* The state budget is expected to include tax increases through 2027 on the personal income of New York’s highest earners and on corporate income. (Getty, iStock)People will always want to live and work in New York … until they don’t.And some real estate professionals and economists fear that $4.3 billion in tax increases, on top of the shift to remote work, might just push some over the edge.The state budget, now in the final stages of negotiations, is expected to include tax increases through 2027 on the personal income of New York’s highest earners and on corporate income. The real estate industry has consistently opposed such measures, fearing they will drive away high-net worth individuals and businesses.“My initial reaction was ‘ouch,’” said Brian Lewis, a broker at Compass. “There’s a fine line between creating a pay-your-fair-share environment and a get-out-of-here, kick-them-out [environment].”“You’ve got to find the balance,” he said.Companies choose locations based on myriad factors, and local tax rates are rarely the main driver. Revenue from the New York hikes is expected to go toward school aid and rent arrears, including for small businesses, tenants and possibly undocumented immigrants.Still, critics argue that as the city recovers from the pandemic and navigates a new working environment, legislators should focus on attracting businesses, not raising their taxes.Read moreDoes taxing the wealthy really drive them away?New Jersey millionaires’ tax is done dealNew York lawmakers push for new millionaires’ tax Message* Contact Erin Hudson Full Name* Email Address* Share via Shortlink Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink Message* Tags Millionaire’s TaxNew York State Budgetlast_img read more

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Russian Navy’s Carrier Group Enters Atlantic

first_imgBack to overview,Home naval-today Russian Navy’s Carrier Group Enters Atlantic View post tag: Navy’s Russian Navy’s Carrier Group Enters Atlantic February 3, 2012 View post tag: Navy View post tag: Atlantic View post tag: Naval View post tag: Carrier View post tag: Group View post tag: Russian Russian Navy’s carrier group led by aircraft-carrying cruiser Admiral Kuznetsov has left the Mediterranean Sea and entered the Atlantic.Russian naval force has been deployed since Dec 2011. Since that time, the carrier group has covered over 5,000 nautical miles in the Mediterranean.Being deployed in the Mediterranean Sea, Russian deck-based pilots have carried out about 15 flight shifts, about 150 landings on the carrier’s deck, over 20 mock air battles and nearly same number of target-interception drills.Aircrews of deck-based helicopters Ka-27 also improved their flight skills and provided antisubmarine protection of the carrier group. In total, they have performed over 120 sorties including 40 in the nighttime.Crews of Northern Fleet (NF) aircraft carrier Admiral Kuznetsov and large ASW ship Admiral Chabanenko, Baltic Fleet (BF) frigate Yaroslav Mudry and Black Sea Fleet (BSF) frigate Ladny have performed wide range of training tasks under common concept. There were dozens of antiaircraft and antisubmarine exercises, hundreds of shipborne drills, air defense and artillery firings.Pilots of the task force will continue combat training in the Atlantic, including flights of Su-33 fighters and ship-based helicopters.Deployment of the carrier group started on Dec 6, 2011 with departure of aircraft-carrying cruiser Admiral Kuznetsov, large ASW ship Admiral Chabanenko and supply vessels from NF main base Severomorsk. Throughout the cruise, the task force has covered over 10,000 nautical miles.[mappress]Naval Today Staff , February 03, 2012; Image: sevastopol Training & Education View post tag: News by topic View post tag: enters Share this articlelast_img read more

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Brazil reveals nine corvette program contenders

first_img View post tag: Tamandaré-class View post tag: Brazilian Navy Photo: Brazilian Navy photo of an artist’s rendering of a Tamandaré-class corvette The Brazilian Navy is currently in the process of selecting the best bidder for its Tamandaré-class corvette acquisition project and has revealed the list of teams vying for the project in which Brazil is reportedly ready to invest US$1.6 billion. As revealed by the navy, the contender list includes companies from Ukraine and India, in addition to the more prominent warship design exporters.The navy did not reveal which specific designs the companies are offering.All bidders are partnering with local Brazilian companies to submit their designs as the navy’s request for proposals states that corvettes “are to be built in Brazil, or with great involvement of the Brazilian industry, in collaboration with a foreign shipbuilder”.BAE Systems has teamed up naval combat management systems specialist CONSUB Defesa e Tecnologia and could possibly be offering an adapted export version of the Type 31e frigate.German shipbuilder ThyssenKrupp Marine Systems has teamed up with Brazilian aerospace company Embraer and Ares Aerospacial e Defesa S.A., likely offering one of its MEKO-class corvettes whose displacement is close to Brazilian Navy preferences, which is around 2,800 tons.Dutch shipbuilder Damen Schelde Naval Shipbuilding and Swedish defense contractor Saab will also be working with CONSUB Defesa e Tecnologia, among a number of other Brazilian companies, should their proposal be selected. This team is offering Damen’s Sigma 10514 ship design.The Italian defense industry team composed of Fincantieri and Leonardo has partnered with Brazil’s Ezute while French shipbuilder Naval Group entered into a consortium with Brazilian shipyard Enseada Industria Naval S.A. and defense technology company Mectron S.A..Two Indian shipbuilders, GOA Shipyard Limited and Garden Research Shipbuilding and Engineers (GRSE), are also competing in the tender running two separate bids.The final two bidders are Ukraine’s Ukrinmash, which has partnered with Thales, and STM who will be competing together with BrasFELS.The Brazilian Navy further said a “shortlist” would be announced by the end of August 2018 while the best offer for the construction of four vessels in the class would be announced by October 2018. Share this articlelast_img read more

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2017 Board of Chosen Freeholders Reorganization Meeting

first_imgCape May County Board of Chosen Freeholders The Cape May County Board of Chosen Freeholders held their 2017 Reorganization meeting last night, with the swearing in of Freeholder Gerald M. Thornton and Freeholder E. Marie Hayes.Jerry Thornton, of Middle Township, was elected Freeholder in 1995 and last night was reappointed as Freeholder Director. He was formerly Freeholder for 11 years (1976-1987) and Freeholder Director for three years.  He was joined by his wife, Linda, and member of their family.Freeholder Gerald M. Thornton was sworn-in by Judge Michael J. Donohue, J.S.C. – He was joined by his wife, Linda, and members of their family. Photo Credit: K. HartzellMarie Hayes, of Ocean City, was elected in November 2014 to a three-year term on the Board of Chosen Freeholders, after filling the unexpired term of M. Susan Sheppard, Esq., in November 2013. Her husband, Lloyd, daughter and her family were on hand to support her while she took her oath.Freeholder Marie Hayes was sworn-in by Judge Michael J. Donohue, J.S.C. – She was joined by her husband, Lloyd, and family members. Photo Credit: K. HartzellAdministering the oath of office to both Thornton and Hayes was New Jersey Superior Court Judge Michael J. Donahue.The Sheriff’s Office Honor Guard presented the colors and the Flag Salute.Bella McKeow, 4th Grade Student at Maud Abrams School sang the “Star Spangled Banner” and stole everyone’s heart.Kathy Bakley, CMC Human Resources sang “God Bless America”.The Invocation and Benediction was led by Associate Pastor Terry Lothian, St. Peter’s Methodist Church, Ocean City.last_img read more

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Bob Weir To Fill In With David Nelson Band For Three Alaska Shows

first_imgLate last month, David Nelson Band reported that Nelson had been diagnosed with colon cancer and would have to cancel several dates on their current tour.At the time of that announcement, the plan for the band’s three upcoming sold-out shows in Alaska was still in the works. Yesterday, the band confirmed their exciting contingency plan for the performances: Grateful Dead guitarist Bob Weir will fill in for Nelson for three nights of music in Girwood, Alaska from March 16-18! Weir will join members of David Nelson Band (Barry Sless, John Molo, Pete Sears and Mookie Siegel) in addition to Katie Skene.A longtime friend of Weir’s, Nelson co-founded New Riders Of The Purple Sage with Dead frontman Jerry Garcia in the early ’60s. Thanks to this time-seasoned connection, the unfortunate news for David Nelson Band fans in Alaska has just taken an exciting turn for the better!For more information, or to stay updated on all your David Nelson Band news, head to the band’s website.last_img read more

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Hayley Jane And The Primates Release Music Video For “More Interesting”

first_imgHayley Jane & The Primates have had a landmark year of touring, and recently released their latest album We’re Here Now in total celebration. The album shows the strength and depth that is blossoming as Hayley Jane & The Primates have become a staple in the national touring scene. The album takes listeners on an emotional roller coaster by mixing high energy dance tracks with songs that warm the soul, with rich lyrical imagery delivered by Hayley Jane herself. Jane’s dynamic vocals have a delicacy that touches the heart and also a raw power that can drive one into a frenzy.Today, Hayley Jane And The Primates are proud to release the Music Video for the single “More Interesting” off of their latest album “We’re Here Now.” Directed by Dani Brandwein, she reflects: “I was watching a No Doubt music video when the thought first popped in my head: I want to work with Hayley Jane. As fate would have it, shortly there after, I got a call about the possibility of working together, and it was off to the races from there. We pulled together all of our resources and dreamed up a magical netherworld that explores the cyclical and healing powers of strong, feminine energy, all captured by the artful eye of cinematographer Josh Weinhaus. I still can’t believe that we shot everything in only one day, fighting rain, hail and snow no less!”Watch it below:The band released their album “We’re Here Now” to rave reviews and kicked off a massive National Album Release Tour that included packed houses in Burlington VT, Fairfield CT and Boston MA. This week, the tour continues with a Midwest Run supporting Spafford and culminating with a headlining Album Release Party at The Brooklyn Bowl in Brooklyn NY. Read the lyric videos to “More Interesting” below, followed by upcoming tour dates from Hayley Jane & The Primates.“More Interesting” Lyrics:Backwards down the front porch just because I feel like doing something dangerouslyChasing down the west side can you guess which partShe’s a little weasel spends her time with evil but she’s got a good heartPornographic priestess love is all that you need let your hair hang downAll I want is time x3Skirt down around her ankles she likes to feel the breeze on her lady partsShe goes bobbing for apples in the middle of winter just becauseOh Daisy head stays in bed sensitive is what they said about herShe’s a little lazy please don’t call her crazy it breaks her heartAll I want is time x6Time took youBackwards down the front porch doing something dangerouslyChasing down the west side can you guess which partShe’s a little crazy oh a little lazy but she’s playing hardShe’s a little weasel but she’s got a good heartAll I want is timeHAYLEY JANE AND THE PRIMATES TOUR DATES:10.11.17 The State Theatre – State College, PA*10.12.17 A&R Music Bar – Columbus, OH*10.13.17 Bluebird Nightclub – Bloomington, IN*10.14.17 Blind Pig – Ann Arbor, MI*10.15.17 The Pyramid Scheme – Grand Rapids MI*10.18.17 Brooklyn Bowl Wedding Allstars – Brooklyn NY$10.20.17 FLX Live – Geneva, NY10.21.17 Java Barn – Canton NY10.25.17 River Street Jazz Cafe – Plains PA10.26.17 Mountain Sky – Jermyn PA10.27.17 Gypsy Sally’s – Washington DC**%10.28.17 Martin’s Downtown – Roanoke VA%10.31.17 Opus Underground – Salem MA%11.11.17 3S Art Space – Portsmouth NH11.18.17 Portland House of Music & Events – Portland ME11.30.17 Be On Key Psychedelic Ripple – Denver CO12.1.17 Ullrs Tavern – Winter Park CO%%12.2.17 Taos Mesa Brewing Company – Taos NM12.28.17 Ardmore Music Hall – Ardmore PA $$12.30.17 Fete Music Hall – Providence RI^* Supporting Spafford** Supporting Pink Talking Fish% Jenny & The Gumps Theme Shows%% Supporting Kyle Hollingsworth Band$ Album Release Party$$ Supporting Rusted Root^ Supporting Dopapodlast_img read more

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DJ Williams’ Shots Fired Releases Surprise “Visual Album” On YouTube [Watch/Listen]

first_imgGuitarist DJ Williams (Karl Denson’s Tiny Universe) and his band, Shots Fired, have released a new “visual album” on YouTube, Liftoff (YouTube Soundtracks). The surprise drop is only available on YouTube and, effective immediately, all ten tracks will be available via YouTube’s audio library for anyone to use royalty-free for their own homemade YouTube videos.Liftoff (YouTube Soundtracks) is a 38-minute audio-visual piece consisting of vintage NASA footage including video of various Apollo liftoffs from a variety of camera angles, a space-shuttle launch, and finally, and NASA’s aerial images of Hurricane Florence. Ten new recordings from DJ Williams’ Shots Fired serves as the soundtrack to this footage.Watch DJ Williams’ Shots Fired’s new Liftoff (YouTube Soundtracks) album below:DJ Williams’ Shots Fired – Liftoff (YouTube Soundtracks) – Visual Album[Video: DJ Williams]Despite the visual album only being available on YouTube, DJ Williams’ Shots Fired will celebrate Liftoff (YouTube Soundtracks) with a release party this Saturday, March 16th at San Francisco’s Boom Boom Room, following DJ’s gig with Karl Denson’s Tiny Universe across town at The Independent. Shots Fired’s album release party will showcase an all-star lineup featuring Todd Stoops, Chris Stillwell, Max MacVeety,  Daniel Caseras and other special guests.Head here for tickets to DJ Williams’ Shots Fired’s San Francisco album release party.last_img read more

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CUNA/AACUL/Leagues bring PPP recommendations for equal CU access

first_imgChallenges to lenders making loans through the Paycheck Protection Program (PPP) persist, CUNA, the American Association of Credit Union Leagues and state Leagues wrote to Treasury Secretary Steven Mnuchin Tuesday. The PPP is a Small Business Administration product designed to help small businesses meet costs during the coronavirus disease (COVID-19) pandemic.CUNA, AACUL and the Leagues wrote to Mnuchin April 3, the day the PPP became active, with concerns over the compressed timeline for implementation and publishing of guidelines, and today’s letter notes that challenges still remain for credit unions to fully participate in the program and serve member businesses.“We hope that you will give all due consideration to these recommendations as equal and fair access for all credit unions is critical to the success of the program,” the letter reads. “Credit unions are eager to work with you to ensure that the PPP is successful, and we hope that you find these comments constructive.” continue reading » ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img read more

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Indonesia sees record single-day case spike of 4,168

first_imgCentral Java and West Java have seen nearly 20,000 COVID-19 cases each.Indonesia now has the second-highest number of recorded COVID-19 cases in Southeast Asia. The Philippines has the highest, with 283,460 cases as of Saturday, according to currently has the 23rd-highest number of cases of any country in the world.Read also: Minister Luhut wants stricter health protocols in place during ‘critical time’ Indonesia registered a record high of 4,168 new COVID-19 cases on Saturday, bringing the country’s total to 240,687 cases with 9,448 fatalities.A number of provinces in Java, particularly Jakarta and East Java, have become the nation’s hotbeds of contagion.Jakarta added 988 confirmed cases on Saturday, bringing the city’s total to 60,828 cases, a quarter of the country’s cases, with 1,527 fatalities. East Java has reported a total of 40,372 cases and 2,942 deaths. The government recently decided to implement stricter health protocols in an attempt to curb the transmission of the virus and has assigned the military and the police to enforce the protocols. Coordinating Maritime Affairs and Investment Minister Luhut Binsar Pandjaitan said on Friday that such measures would be in place for the coming months until the country was able to vaccinate residents en masse, which he expected to happen in December.There is no proven vaccine for COVID-19.The minister said he was confident that the country would be able to control the health crisis from December onward as he claimed it would start to vaccinate tens of millions of citizens at that time. Indonesia has reportedly secured 300 million doses of COVID-19 candidate vaccines from foreign pharmaceutical companies, including China’s Sinovac Biotech. Topics :last_img read more

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Boskalis in Markermeer Lake: Changing Map of the Netherlands

first_imgImage source: BoskalisBoskalis is changing the map of the Netherlands in the Markermeer lake, where nature is getting a boost with an archipelago of five new islands. First and foremost the Marker Wadden will become a paradise for birds, but also a recreational area for nature lovers, said Boskalis in its announcement.“It’s not the first time Boskalis has changed the map of the Netherlands: we also did so when we built the Maasvlakte 2 industrial area,” said project manager Jeroen van der Klooster. “It is this aspect that captures the imagination of many of our colleagues.”The Markermeer lake was formed in 1976 when the Houtrib dike between Enkhuizen and Lelystad was completed.Boskalis is currently working on a separate project to reinforce the dike. The Houtrib dike was constructed as part of a plan to reclaim the Markermeer lake, a plan which was ultimately shelved.“Construction of the dike had a major impact on the underwater environment of the lake,” added project adviser Liselotte van Dijk. “Large quantities of sediment have settled like a blanket on the bottom of the Markermeer lake, and its shoreline consists of stone edging. This led to a dramatic decline in fish and bird populations. With the construction of the Market Wadden our client, Stichting Natuurmonumenten, wants to restore the ecological balance.”The main outlines of the five islands are now in place and the first island is largely complete, attracting national and international interest.last_img read more

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