Who would want to leave New York?

Link: https://blog.datawrapper.de/new-york-city-immigration/

Graphic:

Excerpt:

In fact, just having been born here makes me an atypical New Yorker. Of the approximately 8.3 million people who live in the city today, just under half were born in New York State. Eleven percent come from other US states and 40% from the rest of the world. So we’re not wrong to associate New York with immigration—the average New Yorker comes from somewhere else.

I got these numbers from the US Census Bureau, who do their best to estimate not just how many people live in each county, but how they got there: by birth, by migrating from another country, or by migrating from elsewhere in the US. When you take away the people who died, moved abroad, or moved domestically, you’re left with each of these three streams’ net effect on the population that year.[1] Those are the numbers that will show us whether it’s unusual to move away:

Author(s): Rose Mintzer-Sweeney

Publication Date: 3 June 2021

Publication Site: Datawrapper

State sales tax collections rise sharply in April

Link: https://news.wbfo.org/post/state-sales-tax-collections-rise-sharply-april

Excerpt:

In a review of the state’s economy, Comptroller Thomas DiNapoli’s office states that sales tax collections in April were more than forty-five percent higher than the same period last year.

Sales tax collections in 2021 totaled $1.5 billion. In Western New York, Erie County saw a nearly 50 percent increase this April over the previous year. The largest increases were seen in Niagara and Allegany Counties at 63 percent. The lowest growth was in Cattaraugus County at nearly 43 percent.


DiNapoli attributes the incredible growth to the re-opening of many businesses.

Author(s): CHRIS JAMELE

Publication Date: 15 May 2021

Publication Site: WBFO NPR

DiNapoli: NYS Pension Fund Announces $400 Million in Sustainable Investments

Link: https://www.osc.state.ny.us/press/releases/2021/04/dinapoli-nys-pension-fund-announces-400-million-sustainable-investments

Excerpt:

The Fund committed approximately $300 million to Copenhagen Infrastructure Partners IV, a European investment fund that will focus on investments in renewable assets including onshore and offshore wind and solar, as well as climate infrastructure assets that support renewable power.

Additionally, the Fund committed $100 million to Excelsior Renewable Energy Investment Fund I, a North American-focused investment fund that will target investments in renewable power assets such as solar and wind.

Publication Date: 20 April 2021

Publication Site: Office of the NY State Comptroller

NY State Pension Commits to $400 Million in Sustainable Investments

Link: https://www.ai-cio.com/news/ny-state-pension-commits-400-million-sustainable-investments/

Excerpt:

The $247.7 billion New York State Common Retirement Fund has committed approximately $400 million to two funds as part of its Sustainable Investments and Climate Solutions (SICS) Program.

The commitments are part of New York State Comptroller Thomas DiNapoli’s climate action plan to lower investment risks from climate change and help shift the pension fund to net-zero greenhouse gas emissions within the next 20 years.

Author(s): Michael Katz

Publication Date: 26 April 2021

Publication Site: ai-CIO

Cuomo Aides Spent Months Hiding Nursing Home Death Toll

Link: https://www.nytimes.com/2021/04/28/nyregion/cuomo-aides-nursing-home-deaths.html?smid=tw-share

Excerpt:

Aides to the New York governor, Andrew M. Cuomo, repeatedly prevented state health officials from releasing the number of nursing home deaths in the pandemic.

The effort by Gov. Andrew M. Cuomo’s office to obscure the pandemic death toll in New York nursing homes was far greater than previously known, with aides repeatedly overruling state health officials over a span of at least five months, according to interviews and newly unearthed documents.

Mr. Cuomo’s most senior aides engaged in a sustained effort to prevent the state’s own health officials, including the commissioner, Howard Zucker, from releasing the true death toll to the public or sharing it with state lawmakers, these interviews and documents showed.

A scientific paper, which incorporated the data, was never published. An audit of the numbers by a top Cuomo aide was finished months before it became publicly known. Two letters, drafted by the Health Department and meant for state legislators, were never sent.

….

The Cuomo administration’s handling of nursing home death data now is the subject of a federal investigation, one of at least four overlapping inquiries into the governor and his administration. As of this month, more than 15,500 nursing home residents with Covid-19 have died.

Author(s): Goodman, J David; Mckinley, Jesse; Hakim, Danny.

Publication Date: 28 April 2021

Publication Site: New York Times

The Heroic Congressional Fight to Save the Rich

Link: https://taibbi.substack.com/p/the-heroic-congressional-fight-to

Graphic:

Excerpt:

However, the SALT cap didn’t so much go after “Democrats” as “affluent Democrats.” It only applied to people who itemize their taxes, which meant the 90% of Americans who take the standard deduction were unaffected. The deduction raised over $70 billion in just the first year, and roughly 56% of that money came just from the top 1% of taxpayers, living in a few states in particular.

The tax nastygram seemed directed at Trump’s hometown delegation. Congresswoman Carolyn Maloney in April of 2017 complained about the cost of protecting “Trump and his family here in NYC”; the SALT cap affected 19% of Maloney’s constituents in Brooklyn and on the Upper East Side, and taxpayers in that 19% each lost an average of $100,405 in breaks. Chuck Schumer, one of Trump’s fiercest critics, personally took over $58,000 in SALT deductions just in 2016.

Overall, 39 of the 40 districts most affected by the SALT cap were represented by Democrats. Of those, 28 came from New York, New Jersey, and Connecticut. Also affected: Nancy Pelosi’s San Francisco district, where residents lost an average of $53,471 of write-offs. Trump’s campaign promises to take on “elites” proved phony, except when he was able to effect this targeted partisan strike at the people he knew and hated the most: rich, socially liberal Democrats, especially ones from the tri-state area.

Author(s): Matt Taibbi

Publication Date: 23 April 2021

Publication Site: TK News at substack

NEW YORK ENACTS LEGISLATIVE ‘FIX’ FOR LEGACY LIBOR CONTRACTS GOVERNED BY NY LAW; WILL A FEDERAL FIX BE NEXT?

Link: https://www.morganlewis.com/pubs/2021/04/new-york-enacts-legislative-fix-for-legacy-libor-contracts-governed-by-ny-law-will-a-federal-fix-be-next

Excerpt:

The State of New York has enacted a new law that should ease the transition away from US dollar LIBOR for legacy financial contracts that are governed by New York law but do not contain modern benchmark fallback provisions. A similar federal law is in the works, which if passed would apply nationwide.

Author(s): Charles A. Sweet, Kurt W. Rademacher

Publication Date: 19 April 2021

Publication Site: Morgan Lewis

SALT Cap Tussle: NY Democrats Have an Ultimatum

Link: https://marypatcampbell.substack.com/p/salt-cap-tussle-ny-democrats-have

Graphic:

Excerpt:

It’s not just a matter of the state/local tax levels for each state, but also what income levels are like for the state.

In any case, the pattern of which states’ taxpayers get the biggest boost from SALT deductibility might surprise you a little, such as with Utah and Georgia. But many aren’t surprising at all, such as New York and New Jersey.

But even without considering the geographical footprint, obviously high-income folks get the biggest boost from removing the SALT cap. This has been known since the TCJA back in 2017 when they imposed the cap to begin with. It’s partly why it was done.

Author(s): Mary Pat Campbell

Publication Date: 15 April 2021

Publication Site: STUMP at substack

Why some of the most liberal Democrats in Congress want to bring back a tax break for the rich

Link: https://www.vox.com/policy-and-politics/2021/4/14/22375306/salt-tax-deduction-repeal

Graphic:

Excerpt:

The debate over Democrats’ next move on infrastructure, which Biden has put forth as part of his American Jobs Plan, and whether and how to pay for it through taxes, is just getting started. Plenty of proposals are going to be on the table, including SALT. The White House has signaled some openness to it, but the matter is far from settled.

“If Democrats want to propose a way to eliminate SALT — which is not a revenue raiser, as you know; it would cost more money — and they want to propose a way to pay for it, and they want to put that forward, we’re happy to hear their ideas,” White House press secretary Jen Psaki said at a press briefing on April 1.

….

According to estimates from the Center on Budget and Policy Priorities, if the SALT cap — which is set to expire in 2025 — were to be repealed earlier, it would overwhelmingly benefit those at the higher end of the income scale — the ones who were hurt by the bill back in 2017. The CBPP estimates that more than half of the benefit would go to the top 1 percent, and over 80 percent would go to the top 5 percent, of earners.

Author(s): Emily Stewart

Publication Date: 14 April 2021

Publication Site: Vox

NY House Democrats demand repeal of SALT cap

Link: https://thehill.com/policy/finance/548046-ny-house-democrats-demand-repeal-of-salt-cap

Excerpt:

House Democrats from New York on Tuesday escalated their push for the repeal of the cap on the state and local tax deduction, threatening to oppose future tax legislation that doesn’t fully undo the $10,000 limit.

“As members of the New York Congressional Delegation, we urge you to insist on full repeal of the limitation on the State and Local Tax (SALT) deduction passed by Congress in 2017 and signed into law by former President Trump,” the lawmakers wrote in a letter to House Speaker Nancy Pelosi (D-Calif.) and House Majority Leader Steny Hoyer (D-Md.). “This issue is so critical to our state and our constituents that we will reserve the right to oppose any tax legislation that does not include a full repeal of the SALT limitation.”

Every Democrat in New York’s House delegation signed the letter except Reps. Alexandria Ocasio-Cortez and Kathleen Rice.

Author(s): Naomi Jagoda

Publication Date: 13 April 2021

Publication Site: The Hill

New York pension fund divests $7 million from Canadian oil sands firms

Link: https://www.reuters.com/article/us-new-york-pension-oil-sands/new-york-pension-fund-divests-7-million-from-canadian-oil-sands-firms-idUSKBN2BZ1UT?il=0

Excerpt:

New York’s state pension fund is restricting investment in six Canadian oil sands companies because they have not shown they are prepared for a transition to a low-carbon future, the fund’s Comptroller Thomas DiNapoli said on Monday.

The New York State Common Retirement Fund will divest more than $7 million in securities already held in the companies, and not make any further investments in them, DiNapoli said in a statement.

Canada’s oil sands hold the world’s third-largest crude reserves and have some of the highest emissions intensity per barrel, due to the carbon-intensive production process of extracting tar-like bitumen from the ground.

Author(s): Nia Williams

Publication Date: 12 April 2021

Publication Site: Reuters

New York’s wealthiest look for exits as state readies hefty tax increase

Link: https://www.cnbc.com/2021/04/08/new-yorks-wealthiest-look-for-exits-as-state-readies-hefty-tax-increase-.html

Excerpt:

New York’s top business leaders are gearing up for a potential mass exodus as Gov. Andrew Cuomo and state lawmakers prepare to raise their taxes.

With the state budget set to increase the personal income tax on the wealthiest New Yorkers as well as hiking corporate taxes, some executives who fled the city for Florida temporarily due to coronavirus pandemic lockdowns are considering permanent relocation, according to business leaders briefed on the matter.

Wealthy business leaders who have historically resisted moving at least some of their resources to Florida or other less-taxed states explained to CNBC that they are now seriously reconsidering as working from home becomes the norm, allowing more flexibility.

Author(s): Brian Schwartz

Publication Date: 8 April 2021

Publication Site: CNBC