In response to reports of the sagging luxury real estate market in Manhattan, blaming the capping of the State and Local Tax deduction for the drop in demand, Senator Rick Scott of Florida has written an op-ed in the Wall Street Journal explaining exactly why New Yorkers are fleeing to low tax Florida. He writes: A recent article in a Beltway publication warned about a potential recession and considered how it might affect President Trump’s chances at re-election. The story began—no joke: “The luxury real estate market in Manhattan is sagging.” It goes on to argue that softening in the … [Read more...]
The Benefits of Billionaires
In a new post, my friend Chris Edwards of the Cato Institute lays out why billionaires, despite being constantly bashed, are actually benefiting America. He writes: Are rich people idle “rentiers,” as economist Thomas Piketty calls them, who inherit wealth and add no social value? In supporting Sen. Bernie Sanders’ plan for higher estate taxes, former Labor Secretary Robert Reich claimed that “America is creating a new aristocracy of the non-working super rich.” And in plugging Sen. Elizabeth Warren’s wealth tax, Paul Krugman said “we seem to be heading toward a society dominated by vast, … [Read more...]
Can IBM Revolutionize Foreign Exchange with Blockchain?
IBM has rolled out a new service called IBM Blockchain World Wire that hopes to optimize and accelerate foreign currency exchange. Rachel Wolfson reports on the new service at Forbes, writing: IBM is paving the way for banks and other regulated financial institutions to join the blockchain revolution. Rather than going through a series of intermediaries when sending money across borders, IBM has created a real-time, global payments network to support cross-border transactions and foreign exchange in more than 50 countries using digital assets, also known as cryptocurrencies or “stable … [Read more...]
Another Win for the Right to Work
Toyota has announced it will build a new plant in Alabama. Right to Work states like Alabama are popular destinations for automakers who want to build cars in the United States without the negative influences of the UAW. the Wall Street Journal's Adrienne Roberts reports: Toyota Motor Corp. TM +0.13% on Thursday raised its planned investment in its U.S. operations through 2021 by about a third to nearly $13 billion to build more models and parts in the country, a move that comes as the Trump administration considers imposing tariffs of up to 25% on auto imports. The Japanese auto maker … [Read more...]
Cryptocosm and Life After Google: Is Tether No Longer Credible?
What happens when the core promises of a crypto-currency no longer hold true? Frances Coppola, a Senior Contributor at Forbes explains that Tether, a so-called "stablecoin," that is supposedly pegged to the U.S. dollar may not be as linked to the fiat currency as has been advertised. She writes: USDT is the foremost stablecoin in the crypto world. Pegged one for one to the U.S. dollar, it is widely used as a vehicle for getting dollars in and out of crypto exchanges. Crypto enthusiasts will tell you that holding USDT (“Tethers”) is the same as holding dollars. But now, Tether, the issuer of … [Read more...]
Is Your State a Property Tax Hell?
If you don't live in the Northeast, it's likely that it could be worse. According to a Tax Foundation analysis, the 6 states with the highest property tax collections per capita are in the northeast, with those ranked eighth and tenth joining them there. The region is property tax hell. Outside New Jersey (1st), New York (4th), and the New England states (NH 2nd, CT 3rd, VT 5th, RI 6th, MA 8th and ME 10th), only Wyoming (7th) and Illinois (9th) crack the top ten. Though the non-state of Washington D.C. has the highest rates of all at $3,535 collected per citizen. Property taxes are an … [Read more...]
Connecticut Just Doesn’t Learn: Now Targets the Middle Class With New “Sin” Taxes
Now that Connecticut has raised taxes on the wealthy so high many of them are fleeing the state, Ned Lamont, the state's governor, and its legislature, are setting their sites on the middle class to fund state government. The state is overloaded with debt. After a borrowing binge, the state raised taxes, but it still can't pay its bills. So, rather than making the hard choices by cutting spending, the government is coming after middle class families with taxes on things like soda and electronic cigarettes. In the CT Mirror, Thomas Aiello, a policy and government affairs associate with … [Read more...]
Democrats Fight for the Wealthy with New Tax Bill
Senator Bob Menendez (D-NJ) is pushing a bill with his House colleague Rep. Bill Pascrell (also from NJ), to eliminate the cap on deductions for state and local taxes. The cap has hit wealthy Americans in high tax states like New Jersey very hard. In 2010 Menendez called the GOP Senate negotiators terrorists for attempting to extend the entire Bush tax cut plan, now he's demanding tax breaks for many of the same people the Republicans were fighting for then. Naomi Jagoda of The Hill reports: Sen. Bob Menendez and Rep. Bill Pascrell, both New Jersey Democrats, introduced legislation last … [Read more...]
Your Retirement Life: The World Needs More Cowboys
Wyoming is the Cowboy State, and if you are looking for more adventure in retirement, it's a great place to go. Wyoming residents are blessed with a tax burden that is tied with South Dakota for second lowest in the nation (behind Alaska). With an overall state tax burden of only 7.1%, residents fleeing New York (12.7%), Connecticut (12.6%), New Jersey (12.2%) or California, Illinois and Wisconsin (all 11.0%), could see savings adding up to around 4%. That's as much as the recommended annual portfolio draw down for many retirees. Can you afford to leave that money with your city and state each … [Read more...]
Europe Seems Bent on Taxing U.S. Ingenuity
France has just introduced a 3% tax on major tech companies. Those hit hardest will be Facebook, Google and Amazon. These American companies brought their ingenious products to Europe, gaining strong followings. Now, the overly indebted governments of Europe, led by France, are itching to get their hands on tech cash. This isn't the first attempt at taxing tech companies in Europe, and it won't be the last. Elizabeth Schulze reports for CNBC: An EU-backed effort to pass a 3 percent tax on the revenues of big internet companies failed last year amid concerns from countries including Ireland … [Read more...]
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