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https://www.cnbc.com/2020/07/21/billionaires-in-new-york-could-pay-5point5-billion-a-year-under-new-tax.html?__source=twitter%7Cmain

Billionaires in New York could pay $5.5 billion a year under new tax

2020-07-21 00:00:00, Robert Frank, CNBC

Content Categorization
/Business & Industrial
/News/Business News

Word Count:
499

Words/Sentence:
21

Reading Time:
3.33 min

Reading Quality:
Intermediate

Readability:
11th or 12th

Media Sentiment
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RCS Analysis
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Risk Score
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PESTEL Scope
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Entity Word Cloud
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Auto Summary
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The tax, part of a new "Make Billionaires Pay" campaign by progressive lawmakers and activists, would impose a new form of capital gains tax on New Yorkers with $1 billion or more in assets.

For instance, they could value a private company at below the true market value to avoid the tax."A big problem with a mark-to-market tax is valuation," said Joseph Perry, a tax and business services expert at Marcum.

Americans for Tax Fairness, a progressive group, said New York's 119 billionaires have seen their fortunes increase to $600 billion from $521 billion in March, when the market was at its lows for the year.

New York's billionaires would pay about $5.5 billion a year under a new tax being proposed by Democrats in the state legislature.

If Bloomberg LP, the financial-information giant owned by Mike Bloomberg, gained $5 billion in value in 2020, he would pay about $440 million in taxes.

Keywords
Wealth, business news, New York, Andrew Cuomo, Politics, Mike Bloomberg, Government taxation and revenue

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