Latest news with #propertyTax
Telegraph
02-06-2025
- Business
- Telegraph
Britain should ditch ‘distorting' stamp duty, says Reagan's economic tsar
Britain should ditch 'distorting' stamp duty charges that 'lock people in their homes', Arthur Laffer has urged. The economist behind the Laffer curve said property transaction taxes are such a big problem in the national tax system that the UK would be better off with an American-style annual property wealth tax. Mr Laffer, who has served as adviser to both former president Ronald Reagan and president Donald Trump, told The Telegraph that the UK would be better off if homeowners paid annual property taxes as they do in the US instead of stamp duty. He said: 'The [annual] property taxes in Britain are low, but the transaction tax is very high. The US is the reverse. We have property taxes everywhere, which is a wealth tax, and we don't have transaction taxes on houses. 'All property taxes do in Britain is lock people into their homes that they can't get out. It just distorts the whole tax system in Britain, it's just awful. 'It is one of the very biggest problems in Britain's tax system.' Mr Laffer is most famous for conceiving the Laffer Curve, an illustration of the concept that increasing tax rates can eventually lead to lower revenue because the higher taxes trigger so much behavioural change. Stamp duty is widely hated by economists and consumers alike because it makes it increasingly difficult to move home and makes the housing market inefficient – which in turn takes a toll on productivity. In America, by contrast, homeowners do not pay large taxes when they purchase their homes but instead pay an annual tax based on a percentage of their property's value. Mr Laffer said: 'Income tax is a problem in Britain, but these transaction taxes are big stuff too.' Stamp duty is taxed in bands that are not adjusted to account for house price growth, meaning homeowners get dragged into higher tax brackets as house prices rise. Since the tax bands were last adjusted in 2014, the average London house price has climbed by 30pc. Over the same time period, the stamp duty bill on the average home in the capital has surged by 54pc. The Office for Budget Responsibility (OBR) forecast in March that the Treasury's tax take from property transactions will nearly double from £15bn in 2024-25 to £26.5bn in 2029-30. Trump's tax cuts will 'save us from a disaster' Mr Laffer was an adviser to Donald Trump's 2016 campaign and says he has met with the US president several times since he took office earlier this year. He said he has told the Mr Trump that he should scrap US corporation tax on profits and replace it with a value added tax on sales. Although Mr Laffer is i n favour of Mr Trump's tax bill, he said the president should go further with measures to boost the economy. The biggest measure in the bill will be an extension to the tax cuts that Mr Trump introduced in 2017 and are due to expire this year. Mr Laffer said: 'I know they talk about it as being a tax cut. It's not. It's just making Trump's tax cuts permanent. 'If it were not passed, there would be a huge increase in taxes across the board, which would be very detrimental. The bill going through the Senate right now does not create something wonderful but it saves us from a disaster.' Mr Laffer said that America should establish a free trade agreement with the UK, and that Ireland should leave the EU to become part of the trading bloc too. 'You're gonna hate me for this, but I think it should be with Ireland too. I think they should get out of the EU and should become part of the sort of the US/ UK/Ireland group. I think that would be a terrific free trade group.'
Yahoo
31-05-2025
- Business
- Yahoo
Gov. DeSantis, wanna help Floridians? Give us a break on food, clothing taxes.
The governor's proposal to eliminate Florida's property tax would be catastrophic to the state budget. Why not eliminate the sales tax on groceries. Perhaps clothing as well. Both of these would impact all Floridians. Bill and Connie Sullivan, Sarasota Gov. Ron DeSantis and his Republican allies are working to make it harder for the public to participate in the ballot initiative process. One can only assume the governor and his pals prefer to decide things for themselves rather than listening to actual voters. House Bill 1205, which became law May 2, requires petition circulators to be Florida residents and U.S. citizens, requires petition circulators to re-register with the state under stricter requirements and shortens the petition delivery period to 10 days. Opponents argue the law subjects people to steep fines and criminal penalties in violation of the First and 14th Amendments of the U.S. Constitution. They seek a court order blocking enforcement of the law. Because we live in a state that has been hijacked by an extremist majority, we must take action at the ballot box and with citizen initiatives making it possible for our voices to be heard. Laurie Ulrop, Punta Gorda Virtually every action taken by President Donald Trump since Jan. 20, 2025, has been a violation of the Constitution and the laws of the United States. Thanks to dozens of brave and principled judges, nearly all of Trump's agenda is currently the subject of injunctions that restrain the implementation of his illegal orders. These rulings have been decided by judges appointed by presidents of both parties. While these court orders have not reversed the damage inflicted by Trump's unlawful actions, it is a hopeful sign that our country still abides by the rule of law. These decisions will undoubtedly make their way to the Supreme Court, where the justices will get to choose whether or not they stand for democracy. While some of us may be frustrated by how long this is all taking, we can take comfort knowing the basic values of our country are standing firm against a would-be authoritarian. Lorraine Moneypenny, Port Charlotte At 92, I've witnessed many things in my lifetime. I hope I've gained some wisdom and perspective. Worrying about the generations following me, I've engaged in some magical thinking. Or perhaps a rational response to what is a major threat. In the words of astronomer Carl Sagan, '… our responsibility to deal more kindly and compassionately with one another and to preserve and cherish that pale blue dot, the only home we've ever known.' An analogy: Imagine Earth as a large house. We all inhabit this house. Outside a flood, fire or hurricane approaches. Inside everyone is arguing about what color to paint the walls. Isn't this similar to what's happening on our planet? Wouldn't it make sense to tap each other's strengths and cooperate instead of looking at each other as adversaries? Guns are no protection against rising seas, floods and climate change. I still think this is our major challenge but what President Donald Trump has done in his first 100 days looms as a more immediate danger. The survival of our democracy is at stake. He must be impeached. Rhana Bazzini, Sarasota Write to us: How to send a letter to the editor This article originally appeared on Sarasota Herald-Tribune: Floridians need a break on high food, clothing taxes | Letters
Yahoo
24-05-2025
- Business
- Yahoo
Buffalo Common Council asks for amendments to proposed budget
BUFFALO, N.Y. (WIVB) — The Buffalo Common Council is asking for six amendments to acting Mayor Chris Scanlon's 2025-26 proposed budget. Council members said the amendments focus on making affordability a priority while 'reining in' increasing overtime costs and maintaining public services. Scanlon announced his $622 million budget in April, which includes a hotel occupancy tax, selling city-owned parking ramps, a proposed property tax increase and more. His proposal has been met with critiques from local leaders about its ability to fill the $70 million budget hole. Scanlon announces $622M city budget, proposes 8% property tax increase One of the amendments asks for formal agreements to be made between the city and venues or organizers who use the city's police, fire and sanitation services for events. More specifically, the council is asking for reimbursements from the entities for 'city-related expenses' through a memorandum of understanding. A property tax circuit breaker program was also proposed, citing concerns of effects of the proposed tax increase on low-income homeowners. The council said it would provide 'targeted relief' to people whose tax liabilities are higher than a 'defined percentage' of their yearly income. The council wants representation on the Buffalo Parking Authority — which has received approval in the state's budget and would pave the way for city-owned parking ramps to be sold off to the authority — to 'promote transparency' to the public. Caps to departmental overtime, particularly in police and fire services, was listed as an amendment, along with switching to one annual bulk trash pickup model. Any reduction in trash services would be returned to residents through fee reductions. The council requested the restoration of funding for art programs that was cut in December 2024 and $403,000 in funding for cultural and anti-violence initiatives. The amendments follow concerns from local leaders since the announcement of the proposed budget. Buffalo Comptroller Barbara Miller-Williams previously called the budget 'technically balanced,' but took issue with the city relying on nonrecurring revenue sources. New York State Senator Baskin, along with Erie County Executive Mark Poloncarz and Buffalo mayoral candidate and State Senator Sean Ryan, questioned the proposed sale of parking ramps and whether it will fill the budget gap. Poloncarz concerned by 'serious issues' in proposed Buffalo budget Scanlon has previously said that his proposals are not one-time revenue sources and that the Buffalo Parking Authority, would bring around $40 to $50 million in cash, as well as $2.5 million in revenue every year. 'It's not a gimmick, it's money that would come in — a large sum of money — that we could use over the course of several years while we fix the budget,' Scanlon told WIVB News 4 on Friday. 'If you look at the four-year plan, it's laid out, how we would do that, but also, it would provide a yearly revenue as well and again, alleviate the City of Buffalo of any maintenance and capital costs associated with those.' The council will vote on the budget amendments on Tuesday, May 27. Katie Skoog joined the News 4 team in April 2024. She is a graduate from the University at Buffalo. You can view more of her work here. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
09-05-2025
- Politics
- Yahoo
Photos: North Dakota Legislature works marathon final day
House Speaker Robin Weisz, R-Hurdsfield, shakes hands will colleagues as the Legislature adjourns early May 3, 2025. (Kyle Martin/For the North Dakota Monitor) The North Dakota Legislature gaveled in at 8 a.m. Friday and didn't adjourn about 4 a.m. Saturday to close out the 69th Legislative Assembly. Lawmakers used 74 of 80 available legislative days, though that does not include days when committees met and the full House and Senate did not convene. Legislators introduced 1,089 bills and resolutions, the highest number since 2009, according to Legislative Council. More than 615 bills passed both chambers, with final figures not immediately available. As of 5 p.m. Friday, Gov. Kelly Armstrong had signed 536 bills and issued four vetoes, all of which were sustained by the Legislature. Armstrong has 15 business days to sign all remaining bills. In the final hours, legislators approved major budget bills and compromised on a historic property tax package. They worked through the night, at times socializing or saying goodbyes to colleagues while waiting on conference committees to complete their work or amendments to be drafted by legislative staff. 'Democracy is messy, but it is the best form of government there is,' Senate Minority Leader Kathy Hogan, D-Fargo, said as the Senate adjourned sine die. Rep. Austen Schauer, from left, Sen. Kathy Hogan and Rep. Mike Lefor pose for a selfie May 3, 2025, before the legislative session adjourns. (Kyle Martin/For the North Dakota Monitor) House Majority Leader Mike Lefor listens in the Senate chamber during the final hours of the 2025 legislative session. (Kyle Martin/For the North Dakota Monitor) Rep. Karla Rose Hanson, D-Fargo, talks to colleagues in the House chamber while waiting for the 2025 legislative session to conclude. (Kyle Martin/For the North Dakota Monitor) Lawmakers worked through the night at the state Capitol on May 2, 2025, to close out the legislative session. (Kyle Martin/For the North Dakota Monitor) Sen. Ron Sorvaag, R-Fargo, describes the Department of Water Resources budget bill as the Senate floor session stretches past midnight on May 3, 2025. (Kyle Martin/For the North Dakota Monitor) Sen. Claire Cory, R-Grand Forks, talks to colleagues May 2, 2025, in the Senate chamber. (Kyle Martin/For the North Dakota Monitor) Reps. Ben Koppelman, left, and Don Vigesaa visit in the hall of the Capitol on May 2, 2025. (Kyle Martin/For the North Dakota Monitor) Democrats in the House and others play a game while waiting for the floor session to reconvene in the early morning hours of May 3, 2025. (Kyle Martin/For the North Dakota Monitor) Sen. Josh Boschee and Rep. Jayme Davis pass time in the House chamber while waiting for floor sessions to reconvene early May 3, 2025. (Kyle Martin/For the North Dakota Monitor) Rep. Cynthia Schreiber-Beck, from left, talks to Rep. Bob Martinson and Rep. Karen Karls on May 2, 2025, while waiting for the House to reconvene. (Kyle Martin/For the North Dakota Monitor) Rep. Craig Headland, R-Montpelier, takes a break at his desk in the early morning hours of May 3, 2025, while waiting for the House to reconvene. Lawmakers adjourned after 4 a.m. (Kyle Martin/For the North Dakota Monitor) The North Dakota Senate voted on its last bill of the 2025 session shortly before 4 a.m. May 3, 2025. (Kyle Martin/For the North Dakota Monitor) Sen. Mike Dwyer, R-Bismarck, takes a break at the Capitol while waiting for the Senate to reconvene in the early morning hours of May 3, 2025. Lawmakers worked until after 4 a.m. (Kyle Martin/For the North Dakota Monitor) Rep. Jeremy Olson, left, and Sen. Randy Burckhard visit in the hallway of the Capitol while waiting for floor sessions to reconvene on May 2, 2025. (Kyle Martin/For the North Dakota Monitor) Senate Minority Leader Kathy Hogan gives closing remarks May 3, 2025, as the legislative session adjourns. (Kyle Martin/For the North Dakota Monitor) Sens. Dale Patten, center, and Kristin Roers, left, join other members of the Senate as they applaud for Legislative Council staff. (Kyle Martin/For the North Dakota Monitor) Sen. Steve Swiontek, right, says goodbye to Rep. David Richter early May 3, 2025, before the Legislature adjourned. (Kyle Martin/For the North Dakota Monitor) Sen. Judy Lee, R-West Fargo, hugs Gov. Kelly Armstrong as the Legislature adjourns early May 3, 2025. (Kyle Martin/For the North Dakota Monitor)
CBC
08-05-2025
- Business
- CBC
Forgot to declare if you're living in your Hamilton home? City extends deadline for vacant unit tax
The City of Hamilton is extending the April 30 deadline for anyone who has yet to declare if their property is vacant or not. All homeowners now have until May 30 to inform the city, as part of the new vacant unit tax (VUT) program. The new deadline was approved by council Wednesday. This the first year of the VUT, which will see the city impose a one per cent levy on a home's assessed value if no one was living there for more than half of 2024. Mike Zegarac, general manager of finance, told council that as of Wednesday, the city has received declarations for 94 per cent of Hamilton's 180,000 homes. Staff are working "with compassion and in an effort assist property owners," he said. The tax is designed to discourage investors from buying homes and letting them sit empty instead of renting them out to long-term tenants. Any revenue generated from the program will go toward increasing affordable housing supply, the city says. City setting up appeal process The city mailed letters to all homeowners informing them of the process. Some councillors have had concerns not all residents would be aware of the VUT, miss the declaration window, and be inadvertently penalized. If the city doesn't receive a response from homeowners, staff will assume the property is vacant and issue the tax. "What about the little old ladies who don't read their mail?" Coun. Brad Clark asked staff Wednesday. "Folks who were snowbirds and out of town? There could be a death in the family. There's a whole list of reasons why people might not be paying attention to their mail." Clayton Pereira, director of revenue services, said staff have worked "tirelessly" to create an appeal system to handle complaints. "Ultimately our goal here is to educate the residents and make a decision that's fair," he said. Homeowners need the roll number and access code found on the declaration notice letter from the city or their most recent property tax bill. They can make declarations online or by phone, email or in person.
