New York Budget Imposes New Taxes

The New York General Assembly and Governor Andrew Cuomo reached agreement on a spending plan for the current fiscal year that calls on several significant tax increases to balance the $212 billion spending plan. Notwithstanding billions of dollars coming in federal largesse from the recently passed American Rescue Plan Act of 2021, New Yorkers will…

Read More »

But a New Taxman Cometh

Notwithstanding the magnanimity of the Internal Revenue Service in the wake of the coronavirus pandemic and extreme winter storms in some states, reports have the Biden administration putting together a package of new tax increases – the first since 1993 – that’ll raise taxes on many individuals and businesses across the nation. Needless to say,…

Read More »

The Warren Wealth Tax is Back

Notwithstanding that she never won a single primary – losing even her home state – Massachusetts Senator Elizabeth Warren has resurrected the centerpiece of that failed campaign, the Ultra-Millionaire Wealth Tax Act for consideration in the US Senate. Were it to be passed into law, the bill would create an annual tax of 2 percent…

Read More »

When Is $1 Million not $1 Million?

For a number of years recently, the idea of imposing an additional tax on incomes over $1 million was all the rage across the political landscape. A handful of states – notably California in 2012, followed by Connecticut and New York along with Washington DC were quick to impose the new tax on “millionaires”. More…

Read More »

California Eyeing Retroactive Tax Hike

As many, if not most states, focus on how they can revive business and get their economies back on track, elected officials in the California legislature are looking at going in a different direction. Senators in the California Senate resurrected and amended AB 1253 two weeks ago recommitting it to the Committee on Government and…

Read More »

New Jersey Governor Files Millionaire Tax Again

New Jersey Governor Philip Murphy, who in each of his two prior years in the corner office has proposed an additional surcharge on incomes in excess of $1 Million, has done it again. Murphy submitted a $40.9 billion budget to the New Jersey legislature this week, and included some $494 million in new revenue generated…

Read More »

NJ Governor Wants Millionaire Tax Again

In his State of the State Address this week, New Jersey Governor Phil Murphy announced he is doubling down and will renew his push for a Millionaires Tax in the Garden State. Murphy claims a new millionaires tax would ease the property tax burden “on millions of middle-class families and seniors, and do more to…

Read More »

Utah Considering New Soda Tax

I would submit one probably wasn’t too surprised by Seattle, Philadelphia and a host of California cities adopting additional taxes on sugary beverages, so-called soda taxes, but Utah?? Well, it seems that the soda tax proposal is part of an array of Tax Reform Proposals being entertained by the Tax Restructuring and Equalization Task Force…

Read More »

New Jersey Showdown Over Millionaire Tax

Despite the fact that New Jersey is a democratic trifecta state (all three branches of government controlled by democrats), there is an old-fashioned standoff in the Garden State over a Millionaire Tax proposal. Governor Phil Murphy has strongly advocated for adoption of an extra tax on incomes over $1 million, but thus far, legislative leaders…

Read More »

Millionaire Tax Clears First Hurdle in Massachusetts

The Massachusetts state legislature, not a group that is shy about new taxes and meeting in Constitutional Convention on Wednesday, gave initial approval to a proposed constitutional amendment that would impose an additional 4% tax surcharge on all Massachusetts residents with annual income in excess of $1 million. The 147-48 vote advances the question to…

Read More »