Republicans and Democrats alike of Nassau OTB have been the objects of the decisions of Nassau OTB
politicians including those who have gone on to serve on LIPA and NIFA. Andrew Cuomo can't buy the votes of thinking people so easily.
Why should people pay? No carried interest. Even Nassau OTB cashiers, first cousins to cavemen and ugly models get the idea.
Send Cuomo ..... and anywhere but here!!1
Media Contacts
For TAS questions and issues, please contact Ken Drexler at (202) 927-6372 or Maryclaire Ramsey at (202) 622-7320. For IRS questions and issues, please contact an IRS media relations office.Forget Carried Interests---Private Equity Firms Face Union Pension ...
www.forbes.com/.../forget-carried-interests-private-equity-firms-face-uni...Aug 20, 2013 - New England Teamsters & Trucking Indus. Pension Fund, the First U.S. Circuit Court of Appeals considered whether a private equity group has ...
Taxation of carried interests - CPA2Biz, Inc.
www.cpa2biz.com/Content/media/.../TaxationCarriedInterests.jspNov 14, 2013 - First Circuit decision could have a wide effect. November 14 ... New England Teamsters & Trucking Industry & Pension Fund, No. 12-2312 (1st ...
First Circuit Court of Appeals Addresses Private Equity Fund's ...
www.bingham.com/.../First-Circuit-Court-of-Appeals-Addresses-Private-...Aug 2, 2013 - In a case of first impression, on July 24, 2013, the First Circuit Court of Appeals ... New England Teamsters and Trucking Industry Pension Fund, 2013 WL .... capital gains treatment with respect to their carried interest in a fund.
The First Circuit's Sun Capital decision: much ado about nothing ...
www.lexology.com/library/detail.aspx?g=4f5df455-ef2b-4e3d-9f10...Dec 2, 2013 - The First Circuit's much-discussed decision in Sun Capital Partners III, LP, et al. v. New England Teamsters & Trucking Industry Pension Fund et al… ... their capital gains treatment with respect to their carried interest.[PDF]
Sun Capital Partners - First Circuit
media.ca1.uscourts.gov/pdf.opinions/12-2312P-01A.pdfby A Plaintiffs - 2013Jul 24, 2013 - share of unfunded vested benefits to a multiemployer pension fund of a bankrupt ... portfolio company; the New England Teamsters and Trucking Industry. Pension ...... "[t]he petitioner merely kept records and collected interest and dividends .... activities or business, purposes or activities of the kind carried.
First Circuit Holds Private Equity Fund May Be Liable for Portfolio ...
www.pepperlaw.com/publications_update.aspx?ArticleKey=2702Aug 2, 2013 - New England Teamsters & Trucking Indus. Pension Fund, 2013 WL 3814984 (1st Cir. ... fees, management fees and carried interest (in other words, the fund did not receive just investment income as a passive investor).[PDF]
First Circuit Puts the 'Fund' in Pension Underfunding.pdf
www.cgsh.com/.../First%20Circuit%20Puts%20the%20‘Fund’%20in%20...Aug 19, 2013 - New England Teamsters and Trucking Industry Pension Fund (the .... compensation for its services, in the form of its 20% carried interest.
Sun Capital Partners | Frank and To the Point
frankandtothepoint.com/tag/sun-capital-partners/Jul 31, 2013 - Attacking Carried Interest Through The Back Door ... of Appeals for the First Circuit handed down an opinion in favor of the Teamsters Union in relation ... New England Teamsters & Trucking Industry Pension Fund et. al., No.
Stephen Ehrenberg Taxation of carried interests First Circuit ...
mnlapps.aicpa.org/insiders/111413TaxationCarriedInterests.htmlNov 14, 2013 - Carried interests, benefits private-equity investment fund managers ... New England Teamsters & Trucking Industry & Pension Fund, No.
Ruling Against Sun Capital Could Have Wider Private Equity Impact
www.pehub.com/.../ruling-against-sun-capital-could-have-wider-private-...Aug 7, 2013 - Soon after Scott Brass went bankrupt, the Teamsters pension fund that provided ... But the First Circuit Court, which covers much of New England, ruled ... those seeking to end the capital-gains tax treatment of carried interest.
We are awaiting a response.
Tax complexity doesn’t occur just because of “big money” special interests. It occurs because of the tax provisions that benefit each one of us. We are the special interests. And until we acknowledge that, tax reform discussions will deteriorate into shouting matches and finger pointing about cutting “their” special tax breaks and not “ours.” What would you give up in exchange for a simpler tax system?
“This year’s report is dedicated to the hardy souls who have worked actively over the years for tax reform and tax simplification, and to the busy majority of U.S. taxpayers who are cheering for them to succeed.”
Nina E. Olson, National Taxpayer Advocate
Tax Reform Suggestions
The time for tax reform is now!
To help this dialogue along, the Taxpayer Advocate Service has established a vehicle to receive taxpayers’ suggestions about tax reform. We ask that you approach this with the frame of mind that everything – even the tax breaks that benefit you or your businesses personally – should be on the table. What would you be willing to give up if you knew that others are giving up their breaks and the end result would be a much simpler system? What particular provisions of the existing tax system are especially burdensome or seem particularly unfair? So, let us know. We promise to track these suggestions and post them periodically, thereby helping to further the cause of tax reform and tax simplification.Tax complexity doesn’t occur just because of “big money” special interests. It occurs because of the tax provisions that benefit each one of us. We are the special interests. And until we acknowledge that, tax reform discussions will deteriorate into shouting matches and finger pointing about cutting “their” special tax breaks and not “ours.” What would you give up in exchange for a simpler tax system?
“This year’s report is dedicated to the hardy souls who have worked actively over the years for tax reform and tax simplification, and to the busy majority of U.S. taxpayers who are cheering for them to succeed.”
Nina E. Olson, National Taxpayer Advocate
Nina E. Olson
National Taxpayer Advocate
2010 Annual Report to Congress
Dialogue for Reform
National Taxpayer Advocate
2010 Annual Report to Congress
Dialogue for Reform
We are interested in receiving your suggestions on how to reform the tax system.
The Taxpayer Advocate Service will not
respond directly to your suggestions. Your suggestions are compiled and
reviewed by the National Taxpayer Advocate. You will not receive an
individual response. If you're experiencing a tax problem with the IRS
and haven't been able to resolve it yourself, please visit www.irs.gov/advocate or call TAS at (877) 777-4778. If you have questions about your taxes, please contact the IRS at (800) 829-1040.Thanks! We appreciate your feedback.
Newsday > News
Cuomo's budget proposal targets businesses, property taxes
Photo credit: AP | New York Gov. Andrew Cuomo makes a point
during a meeting on tax cut proposals in the Red Room at the Capitol in
Albany. (Jan. 6, 2014)
New York Governor Andrew Cuomo and his family through the years
New York Gov. Andrew M. Cuomo
As he begins his fourth year in office, the Democrat offered a tax plan that seems to offer something for everyone. It proposed lowering corporate and estate taxes, eliminating taxes altogether for upstate manufacturers and enacting a renters tax credit for New York City residents who qualify.
Most of the ideas were proposed by a Cuomo-created tax commission in December.
PHOTOS: Cuomo through the years | Notable photos of Cuomo
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Cuomo said the proposals amounted to $2 billion in tax relief, but would be spread over several years and the state budget, by and large, wouldn't be affected before 2015.
Further, the so-called property-tax freeze is actually an income-tax credit that would be available only in municipalities that took steps to rein in spending and shrink government. One watchdog said it would have very limited impact: about $125 for a Suffolk County homeowner and less than $200 for a Nassau County homeowner.
Cuomo said this carrot-and-stick approach would give localities incentives to effectively freeze property taxes. "We propose a property tax credit which will freeze property tax increases for two years," he said. "If the locality wants the credit, then the locality must perform."
Cuomo formally announced his initiative two days before he delivers his 2014 State of the State address, which sets his legislative agenda for the year. He's expected to rollout a "three T's" theme: taxes, technology and tourism.
He said he wants the State Legislature to make the tax cuts its "first agenda items."
E.J. McMahon of the Empire Center, a think tank, said the incentives were too small to greatly benefit homeowners or prod government consolidation. He estimated the maximum tax credit a Suffolk County homeowner could receive would be around $125; for Nassau County, closer to $200. Most upstate residents would get less than $100.
"It's not fiscally significant," McMahon said. "I don't know how this is going to create positive impact on the economy."
As the statewide election year begins, Cuomo offered a tax plan with something designed for upstate and downstate interests, businesses and renters.
It would offer an income-tax credit for renters with incomes below $100,000; the credit would vary with family size. More details are expected later this month when the governor proposes a 2014-15 state budget.
Appealing to businesses, Cuomo proposed lowering the corporate tax rate from 7.1 percent to 6.5 percent, eliminating taxes for upstate manufacturers and offering all manufacturers a 20 percent property-tax credit.
Cuomo also reversed course on a temporary utility tax known as 18-A levied on energy bills. Last year, instead of letting it expire as scheduled, Cuomo extended it to 2017. Now the governor wants to eliminate it immediately.
Kevin Law, president and CEO of the Long Island Association called the plan "another step in the right direction."
Liberal groups decried the business tax breaks. "How many times does history have to prove that tax breaks for business and the wealthy don't help working and middle-class New Yorkers?" said Karen Scharff, executive director of Citizen Action.
Senate co-leader Dean Skelos (R-Rockville Centre) said he was "encouraged" by Cuomo's proposal, but said the state should go further by enacting a state spending cap and making permanent a temporary middle-class tax cut enacted in 2011.
Assembly Speaker Sheldon Silver (D-Manhattan) called it a "bold vision for providing tax relief," but warned that the state shouldn't cut "vital health and education programs" to fund the tax cuts.
Also Monday, Cuomo:
Said he was more "comfortable" with a limited plan to allow 20 hospitals to dispense marijuana for medicinal purposes for certain patients rather than a wider ranging plan favored by some state legislators.
Said he disagreed with critics of Silver, who believe the answer to a spate of sexual harassment scandals involving rank-and-file legislators is to oust the speaker. "I don't agree with that," Cuomo said. "I think you have to change the rules (of the legislature) . . . as a recognition that you have to change the behavior."
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