Towns, city deserve fair share of sales tax

first_imgCategories: Letters to the Editor, Opinion There’s a real issue this election that the Schenectady County Legislature has truly hoarded a disproportionate share of the sales tax dollars and is shortchanging every town and the city of Schenectady.Every legislator up for election this year has failed the people who have voted them into office with the exception of Glenville Supervisor Chris Koetzle and Councilman Jim Martin — they’re the only ones speaking up. And if we want our fair share, we need to have a clean sweep of the career politicians, especially those who are double-dipping from public dollars on the county payroll.In 2004, Schenectady County sales tax revenues were approximately $48 millio. Since then, these revenues have grown to approximately $98 million. Niskayuna, Glenville, Rotterdam and the city’s share have practically remained stagnant, while these revenues have more than doubled. The bottom line is every local portion of your property tax bill could be reduced by up to 50 percent.Do you want your fair share? Vote Row B and send a message that we are mad as hell and not gonna take it anymore.Peter GuidarelliSchenectadyMore from The Daily Gazette:Anderson starts, but Dodgers finish off NLCS winTroopers: Schenectady pair possessed heroin, crack cocaine in Orange County Thruway stopSchenectady, Saratoga casinos say reopening has gone well; revenue down 30%EDITORIAL: Thruway tax unfair to working motoristsSchenectady NAACP calls for school layoff freeze, reinstatement of positions As a former Schenectady city councilman and county legislator, I can speak from experience regarding the need for our elected city, town and county officials to fight for the people who elect them into office.last_img read more

U.S. is becoming world’s new tax haven

first_imgThe U.S. was expected to reciprocate, by sharing data on the accounts of foreign taxpayers with their respective governments.Yet Congress rejected the Obama administration’s repeated requests to make the necessary changes to the tax code.As a result, the Treasury cannot compel U.S. banks to reveal information such as account balances and names of beneficial owners.The U.S. has also failed to adopt the so-called Common Reporting Standard, a global agreement under which more than 100 countries will automatically provide each other with even more data than FATCA requires.While the rest of the world provides the transparency that the U.S. demanded, the U.S. is rapidly becoming the new Switzerland.Financial institutions catering to the global elite, such as Rothschild & Co. and Trident Trust Co., have moved accounts from offshore havens to Nevada, Wyoming and South Dakota.New York lawyers are actively marketing the country as a place to park assets. A Russian billionaire, for example, can put real-estate assets in a U.S. trust and rest assured that neither the U.S. tax authorities nor his home-country government will know anything about it.That’s a level of secrecy that not even Vanuatu can offer.From a certain perspective, all this might look pretty smart: Shut down foreign tax havens and then steal their business. That would be the kind of thinking that’s undermining America’s standing in so many areas, from trade to climate change.Instead of using its power to establish an equitable system of global governance, it’s demanding a standard from the rest of the world that it refuses to apply to itself.That isn’t leadership.More from The Daily Gazette:EDITORIAL: Urgent: Today is the last day to complete the censusEDITORIAL: Beware of voter intimidationEDITORIAL: Thruway tax unfair to working motoristsEDITORIAL: Find a way to get family members into nursing homesFoss: Should main downtown branch of the Schenectady County Public Library reopen? Seven years ago, the U.S. led an effort to address a problem facing governments everywhere.Each year, people manage to avoid paying an estimated $2.5 trillion in income tax — a giant sum that could be used to combat poverty, update infrastructure or lower tax rates for law-abiding citizens.Now, however, the U.S. is becoming one of the world’s best places to hide money from the tax collector. It’s a distinction the country would do well to shed.In 2009, amid growing budget deficits and a tax-fraud scandal at Swiss bank UBS AG, the Group of 20 developed and developing nations came to an agreement:They would no longer tolerate the network of havens, shell companies and secret accounts that had long abetted tax evasion.A year later, the U.S. passed the Foreign Account Tax Compliance Act, which required foreign financial institutions to report the identities and assets of potential U.S. taxpayers to the Internal Revenue Service.Under threat of losing access to the U.S. financial system, more than 100 countries — including such traditional havens as Bermuda and the Cayman Islands — are complying or have agreed to comply.center_img Categories: Editorial, OpinionThe following editorial appears on Bloomberg View:last_img read more

Bilton is flying free with Raven

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Local heroes make good

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Delancey revs up for car showroom venture

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Jafari-Fini snaps up 11% Chesterton stake

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Boot finds south-eastern foothold on Safeway site

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Counter culture

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DevSecs in Oxford Street revamp talks

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Brighton breezes it

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