taxes

Canada to Tax Home Equity?

In Canada, where income adjusted house prices vary more than five times between metropolitan areas, the threat of a federal initiative to tax house equity could be looming.  read more »

Feudal Future Podcast: America Under Biden's New Tax Plan

On this episode of Feudal Future, hosts Joel Kotkin and Marshall Toplansky are joined by Hank Adler, Associate Professor of Accounting for Chapman University, and Steven Malanga, City Journal’s senior editor, to discuss Biden's new tax plan.  read more »

Silicon Valley Exits California for Texas

The big news this week is all the different tech companies announcing their moves to Texas.  read more »

Maine Governor Moving to Florida for Lower Taxes

Maine governor Paul LePage has announced that he will move to Florida after his term expires in 2019. According to The Hill, taxes are driving the Governor away. He said: “I will pay no income tax and the house in Florida’s property taxes are $2,000 less than we were paying in Boothbay,” LePage said. “At my age, why wouldn’t you conserve your resources and spend it on family [rather] than spend it on taxes?”

What’s the Matter With Kansas – and Connecticut?

In 2012, the state of Kansas under Gov. Sam Brownback passed a large tax cut. Despite this massive fiscal stimulus, the state’s economy actually underperformed the nation during much of the subsequent period and the cuts blew a gigantic $900 million hole in the state’s budget.

Finally the legislature cried uncle. It passed a $1.2 billion tax hike. Brownback vetoed it but the Republican dominated legislature overrode the veto.  read more »

IRS to Continue Migration Data

" The IRS should be applauded" --- it is hard to imagine a public statement to this effect, other than from a government insider. But this was the Tax Foundation, improbably and correctly complimenting the Internal Revenue Service in announcing that its annual income tax migration data would continue to be produced.  read more »

Subjects:

Infographic: State Property Tax Data

Credit Sesame has created an interactive map showing property tax rates for all 50 states. Based on data from the Tax Foundation, the graphic also shows property tax rates as a share of home value and as a share of median income of homeowners. It's important to note that property taxes can vary regionally within states, and property taxes are only one part of overall state and local tax burden.  read more »

High Cost of Living Drives New York’s Fiscal Deficit with Washington

Between now and the end of the year, a hot political topic here in New York will be whether to let the Bush tax cuts expire for people in the highest income bracket, as the Obama administration proposes, or whether to extend those cuts for everyone. Advocates taking the latter position will correctly argue that higher rates will be especially harmful to New York, because of the large number of wealthy people, who live here.  read more »

A Threat To Home Owners Associations

In the 1990s, just about the only site amenity that most suburban developments offered was a fancy entrance monument. Usually, there were no other additions beyond ordinance minimums and even those weren’t generally elaborate. Some of these monuments did cost millions, but once past the gilded gates, the seduction ended, and residents were greeted by familiar monotonous cookie cutter subdivisions.  read more »

Balancing the California Budget

The battle to find ways to close California's gaping $24 billion budget shortfall continues, with Governor Schwarzenegger calling for deep cuts and reorganization throughout state government. Last week, making a "rare speech to a joint session of the Legislature," Gov. Schwarzenegger argued that the state has "run out of time," and faces a situation where "Our wallet is empty, our bank is closed, and our credit is dried up".  read more »