TaxNightmare.org End the property tax nightmare!

May 13, 2010

Filed under: Updates — gioia @ 2:16 pm

barf-bag

Filed under: Updates — gioia @ 2:15 pm

WHERE ARE WE…..Thursday, May 13, 2010

 

It’s almost the end of another queasy week in NYS L.

No budget– which might be a good thing if the Senate is still holding out for property tax reform…although you’d think they would have passed our bill by now AND passed a Wall Street tax to fund it,  since they’ve had a decade or two to work on fixing the property tax mess… I guess I’m just picky…picky…picky.

The governor seems to have decided contracts don’t matter in recessions-and a judge has said, “Hold up guys!! Let’s look at this furlough thing legally.”  The nerve of some judges; where do they think they are? The USA?

Speaking of the Governor, he rescinded a big raise (42,000?) he ordered for some of his people when chided by folks who thought that was hard to swallow in this emergency -with folks getting furloughed and all…and no property tax relief yet… what was that bit about how we all have to sacrifice??

Oh right, “WE ALL” means workers and taxpayers only…not big time bankers and small time politicians.

AND THEN THERE ARE THE COUNTIES BRAGGING ABOUT MAKING “PROFITS” on the sale of tax delinquent properties they confiscated.

That means-for those of you who aren’t already nauseated- that the counties foreclosed on homes that couldn’t stump up the escalating and exorbitant property taxes we are paying… and then auctioned them off.

At the auctions the counties received more from the properties than the taxes owed by the evicted owners and the pols  got to keep the “PROFITS”…which they can use for their salaries and perks I guess.

 No, the owners don’t get a penny of that ”profit”.

And AG  Cuomo is alleging that many of the big Wall St. banks duped rating agencies into giving some of the garbage they peddled good notices….

Still want to ask me why we insist Wall Street pay back some of their pelf to help Main Street recover from the results of W.St.’s disgraceful behavior? …and to get us out from under the crushing debt of crazy property taxes?

This isn’t Somalia. We really don’t have to worry that if we make these particular (tax subsidized) pirates pay up they’ll leave and we’ll have no income at all.

There’s  lots more but I figure you’re already reaching for the barf bag….GROSS?  If you mean Albany, I agree.

May 11, 2010

Filed under: Updates — gioia @ 5:40 pm

hassell-thompson_edited

Filed under: Updates — gioia @ 5:34 pm

 

     LETTER FROM THE EXCELLENT State Sen.RUTH HASSELL-THOMPSON TO HER COLLEAGUES…Tuesday, May 11, 2010

 

 

Dear Colleagues:

I am sending this letter to inform you of my intention to submit legislation to help address the state’s revenue needs in order to mitigate cuts to critical programs and services on which our communities rely, to protect against dramatic layoffs that would result in weaken an already struggling economy, and to extend a measure of property tax relief to struggling homeowners.  I am asking you to join with me as a co-sponsor in submitting this legislation and in supporting these revenues as part of any proposed or enacted budget legislation. 

The bill I am proposing would enact a temporary tax on bonuses awarded in New York’s financial sector.  The financial sector went through a time of significant difficulties and New Yorkers and all Americans helped them in their time of need. Thanks to literally trillions of dollars in taxpayer support, Wall Street has rebounded and in 2009 recorded record profits of nearly $61 billion.  As a result, financial services firms are awarding their employees bonuses that significantly exceed those awarded in recent years. 

As we are all painfully aware the State of New York continues to face serious budget shortfalls because of the economic recession that was brought on in large measure by the recklessness of Wall Street’s actions. Now we need Wall Street to do its part for the rest of us—for our school children, our seniors, our homeowners, our communities and all New Yorkers.  This legislation takes a fair and reasonable approach to revenues and will generate $3.5 billion to $4 billion in revenues this fiscal year by applying a payroll tax to firms on the value of bonuses being awarded to those employees who earn over $250,000 a year.  It is modeled after legislation that was enacted this year in London, England which produced revenues in excess of estimates and resulted in no negative economic impacts. Here is how it works:

  • The Windfall Bonus Recapture Tax would apply to both cash bonuses and to stock options and other deferred awards within the financial services sector.
  • The Office of the State Comptroller estimates that $20.3 billion or more has been paid in cash bonuses in New York City security industry firms since December 2009.  (The actual amount of bonuses may be greater, but I prefer using the more conservative figure.  This figure does not include other sectors of the financial industry or the rest of the state).
  • The tax would be a payroll tax applied at the institutional level and would be paid by the firms awarding the bonus.  Bonuses in the form of stock options or other forms of deferred compensation would be subject to the same tax at whatever time they are actually paid out.
  • The bonus tax would be retroactive to December 1, 2009, would be temporary and would be phased out as of December 31, 2011.
  • The tax would apply to the bonuses awarded to financial sector employees who earn at least $250,000 in total compensation.  The bonus, whether cash or deferred, would be taxed at a rate of 27% which is expected to produce $7 billion over the two year period during which the tax would be in effect.  This tax is not an income tax paid by the employee, it is a payroll tax paid by the employer.
  • The revenue projections are based on an estimate that 75% of bonus recipients fall within the necessary income range to have the payroll tax applied to their bonus; again this is a conservative estimate. 

I will be working with the Legislative Bill Drafting Commission to draft the necessary legislative language and am looking for your commitment to co-sponsor this legislation and to support the incorporation of such language in any budget that is introduced or enacted.  Without additional revenues in the range of $3.5 to $4 billion this year, we will be faced with devastating cuts to vital services and dramatic layoffs statewide.  Please let me know if you have any questions about the particulars of this proposal.

If you wish to commit that you would co-sponsor this legislation and would support the Windfall Bonus Recapture Tax as part of a budget bill, please add your signature in the space provided below.

Thank you for your consideration of this request.

————————————————————————————————————-

WE IN THE TAX REFORM MOVEMENT WILL BE LOOKING CLOSELY AT THESE SIGNATURES!

May 7, 2010

Filed under: Updates — gioia @ 11:08 pm

albany-cowering-001

Filed under: Updates — gioia @ 11:01 pm

SOME  FACTS  TO KEEP  YOU  OCCUPIED  WHILE  WE  TWIDDLE  OUR  THUMBS  WAITING FOR THE LEGISLATURE TO TITHE  THE  TITANS OF WALL  STREET TO RESTORE SERVICES, BALANCE THE BUDGET, AND ENACT PROPERTY TAX RELIEF AND REFORM..

Friday, May 07, 2010

FACT:  The state is not complying with court ordered payments to school districts to ensure each child receives a “sound basic education.” They decided to “postpone” the payments begun by Gov. Spitzer.

TRY POSTPONING PAYMENT OF YOUR PROPERTY TAXES, FELLAS. SEE WHAT HAPPENS.

FACT:  A major cause of the financial ‘crash’ which devastated workers and caused cuts and slashed services and jobs was Wall Street’s questionable practices and lopsided compensation to the big boys who engineered the fall.

..BUT EVEN AFTER TAXPAYER MONEY WAS USED TO BAIL OUT THE SAME BIG BOYS; AND EVEN THOUGH THEY IMMEDIATELY RESTORED EXCESSIVE BONUSES AND OBSCENE COMPENSATION PACKAGES, SOME LEGISLATORS ARE AFRAID TO COMPELL WALL ST. TO REPAY A SMALL PORTION IN TAXES TO SAVE THE STATE AND RELIEVE HOMEOWNERS AND RENTERS WHO HAVE BEEN DEVASTATED BY THE LOPSIDED TAXATION.

WHY AREN’T THEY AFRAID FOR ALL THE FAMILIES WHO ARE IN DANGER OF LOSING THEIR HOMES OR USING UP ALL THEIR MEAGER SAVINGS TO PAY EXORBITANT PROPERTY TAXES OR RENTS WITH LARGE PROPERTY TAX COMPONENTS?

FACT: Some-not all- the media have mentioned how “brave” the governor and other administrators are to cut jobs and services and “stand up to” the workers who –by the way-are taking the brunt of the recession. In fact some of these pols themselves have talked about how courageous they are to kick the rest of us under the bus.

HAVE YOU NOTICED THAT THE GOVERNOR AND OTHER ADMINISTRATORS (AND ALBANY POLITICIANS IN GENERAL) HAVE GIVEN BACK NOT ONE PERK OR SALARY RAISE OR PRIVILEGE OR BODYGUARD OR EXTRA DOLLAR OF COMPENSION THEY GET JUST FOR BEING IN ALBANY!!!!

WHEN IT COMES TO THEIR OWN BENEFITS AND SALARIES I GUESS THEIR COURAGE FAILS THEMCOMPLETELY.

FACT:  In the midst of all the suffering caused by the shift of state funding responsibilities to property taxes and the chaos caused by the financial crisis, the state has blithely demanded that everyone TAKE MORE OF A HIT… except for themselves and religious and other “spiritual”property tax exempt entities (now holding 800 billion $$$in property off the tax rolls) .

Albany is apparently not “BRAVE ENOUGH” to ask the professionally holy or otherworldly  to pay a little bit back on the roughly ONE THIRD of NYS they own and NEVER pay taxes on. (Please correct me if it’s ONLY a quarter.)

May 3, 2010

Filed under: Updates — gioia @ 2:13 pm

good-guys-and-bad-guys_edited

Filed under: Updates — gioia @ 2:11 pm

STATE GOVERNMENT IS NOT MONOLTHIC….Monday, May 03, 2010

We know there are -at this moment- forces at work in Albany to restructure how the state supports-or doesn’t support necessary public services…and there are forces at work in Albany protecting the dismal status quo from which they benefit monetarily.

The state has been –for decades-shortchanging localities and schools leaving the regressive and completely flawed property tax to take up the slack.

I don’t have to tell those of you paying 15 and 20 and 40% of your income to keep your homes off the auction block.

I don’t have to tell those of you who have lost your jobs and savings or soon will.

Meanwhile the super-rich and especially the non-productive, parasitic  legions on Wall Street have been taking trillions out of the economy by barely legal and often illegal means and salting the money away in their private accounts and gated protected communities …untouched by  the disasters they have created.

Now as they say in France the “merde has hit the fan” and it’s easy to separate the good guys from the bad…no matter how frantically the bad guys rationalize.

Not only do the emperors on Wall St. have no clothes, bare -assed they are not a pretty sight.

…those intelligent public servants who want to make Wall Street give back some (small) amount to undo a tiny part of the damage they have done to Main St.

…and those greedy and self-serving others who do Wall Street’s bidding…

are different species of legislators-easily distinguishable.

This is not some conspiracy nonsense. This is not overblown rhetoric.

No one could have made up how it all came tumbling down…how Wall St. was finally exposed.

 If you read any newspapers or listen to almost any TV news broadcasts the story is undeniable. NYS has been had and there really are good guys and bad guys- many of both in Albany politics.

The ‘bought and paid for’ politicians will try the old bromides that Wall St. will leave if we try to tax their billions (garbage)…Wall street creates jobs (also garbage).

 Wall Street creates nothing but phoney financial instruments that produce only obscene profits for the bandits who gamble with our lives and pensions and bank accounts and mortgages and stability.

You will know whom to dump in subsequent elections when these Wall St. toadies fight legislation some state senators are right now crafting to tax a part of Wall St. profits…profits largely resulting from our tax dollars bailing them out.

We need restoration of jobs and services; we need immediate property tax relief and reform; we need to address the deficit.

The state says it has no money (that’s an issue for another day)…we need to move quickly to avert more losses to the middle class.

Homeowners and renters certainly can’t pay any more blood money to keep their shelter.

Only Wall Street -which emerged unscathed  and even richer from the shift of middle class funds into their coffers- has any money…lots of money…lots of untaxed and UNEARNED profits…lots of loot.

You’ll know who deserves to be called public servants when you see how they vote on the Wall St. tax. 

Some won’t be in office after Nov. and they want to secure jobs on Wall St.

You’ll see the good legislators’ names prominently displayed on this Taxnightmare blog.

The villains will try to stop us. The battle has been joined. We are implacable. Justice must be done.

 

« Newer Posts

Powered by WordPress