Taxes are so bad in NY that even the most popular restaurants can’t keep up and keep their doors open.
It seems that even the politicians aren’t happy when their taxes put their favorite eating spots out of business. Nevermind the hardworking staff and owners who may lose their property and homes as well as their incomes.
The issue came to a head this month with Mayor de Blasio and Governor Cuomo going head to head over a $200,000 tax bill owed by one of the Mayor’s favorite pizza parlors. Yet, neither of them seemed to do anything about lowering the taxes.
While the Governor wouldn’t pardon the pizza shop owners and forgive their debt, he did just sign in new legislation aimed at providing a little more transparency in the big tax breaks being given to some developers and businesses.
The new law requires IDAs to livestream and record and post publicly accessible videos of meetings and coverage of those meetings debating special tax breaks for wealthy developers.
That may not help influence their outcome, but at least more taxpayers may have a better clue as to what is going on, who is getting the sweet deals and break on taxes, and how much that will force their own property tax bills up over the years ahead.
Alternatives to School District Taxes
Over in Pennsylvania, new alternatives are being floated to help prevent homeowners from having their homes and incomes being used as a regularly raided piggy bank or ATM by local school districts.
School district taxes make up the majority of our property taxes. Especially in NY.
PA is proposing a new package of taxes to replace school taxes, including:
- Raising state income taxes
- Raising state sales taxes
- Creating a new 5% tax on retirement income and savings
What do you think? Should certain restaurants get a tax free ride? If so, who decides which are the best? Will video recording meetings really help beat corruption? Would you rather pay taxes on retirement savings and income or school district taxes?